We recently had the privilege of interviewing Ilkka Seppänen, Co-founder, and Chief Revenue Officer of Siru Mobile and long-time entrepreneur in the FinTech and online gaming space. With Siru Mobile, Ilkka is helping gaming and digital businesses scale with seamless mobile payment solutions and supports high-volume transactions for growth-focused clients across six countries. With more than 15 years of experience in the mobile payment sector, Ilkka Seppänen has specialized in mobile payments, open banking, and carrier billing, helping businesses streamline their payment flows and grow across Europe and Africa. Helping businesses expand seamlessly with high-converting payment solutions, Ilkka Seppänen is redefining this field.
The Beginning Of Ilkka Seppänen’s Journey In The Mobile Payments Landscape
We started the session by asking, “Can you share a bit about your background and how you became involved in the mobile payments industry?”
Ilkka Seppänen shared, “I’m originally from Finland, married, and a proud father of an adult daughter. I’ve been living in Dubai for the past four years. After graduating from business college in Finland, I started my career in various sales roles within the retail industry. I founded my first company in 2003, so entrepreneurship has been part of my DNA throughout my adult life. In 2008–2009, I worked as a sales representative at a private business school focused on supporting entrepreneurs and companies. That’s where I met my future business partner, and together we launched our first mobile payments project in 2009. At the time, mobile payments weren’t a thing—no one was talking about them, and the concept was still very new.
One day, while dining at a restaurant, we saw a sign that read: ‘Pay for your pizza with your phone – it will be charged to your phone bill.’ We immediately thought it was a brilliant idea and began asking ourselves how we could scale this solution across different industries. That moment sparked the beginning of our journey. We were inexperienced and lacked technical expertise, but we had a clear vision: this service should be available in every store in Finland. We quickly found the right technical partners to help bring the idea to life, and from there, we founded our first company together.”
Spark Behind Starting Siru Mobile
To learn more about Ilkka Seppänen’s company, we posed the question, “What inspired you to co-found Siru Mobile, and what problem does the company aim to solve in the mobile payments space?”
Ilkka Seppänen shared, “We were inspired to co-found Siru Mobile after an early success with a mobile payment solution we developed for a local food delivery platform in Finland. That solution significantly boosted the company’s annual revenue—by heavy 7 figures—and the platform was later acquired by Delivery Hero. It was a major milestone that showed us where the real growth in the payments industry was happening: online.
Back in 2010–2011, mobile websites and apps were just starting to emerge, and we saw a clear opportunity. Our vision was to create a simple and accessible way to pay—something that everyone carries with them at all times. Not everyone has a bank account or access to cash, but almost everyone has a mobile phone number. That insight led us to split our operations into offline and online segments and establish Siru Mobile to focus specifically on the growing online commerce sector across multiple industries. Our solution uses mobile phone numbers as a method of payment, which removes the need for credit cards or bank accounts. This approach makes transactions both convenient and inclusive, especially for underbanked users.”
He even mentioned, “Siru Mobile solves several major challenges in the mobile payments space, including:
- Limited Access to Digital Money: Many users don’t have access to traditional payment tools, limiting their ability to participate in online commerce.
- Friction in the Payment Flow: Traditional payment processes can be overly complex. We simplify this by enabling quick payments via phone numbers, reducing drop-offs at checkout.
- Security and Trust: We’ve built strong risk management systems and authentication protocols to ensure user safety and build merchant trust.
In short, Siru Mobile is about unlocking digital commerce for everyone, regardless of their access to traditional banking.”
Financial Inclusion And Accessibility
We were interested to learn how Siru Mobile contributes to financial inclusion, especially for underserved populations.
“At Siru Mobile, we contribute to financial inclusion in several meaningful ways—especially for underserved populations. First, we enable access through something almost everyone already has: a mobile number. By transforming prepaid SIM cards into virtual debit cards, we make digital payments accessible even in areas where traditional banking infrastructure is lacking. In fact, there are more mobile phones than electrical grid connections globally, which shows how powerful this approach can be.
We specifically focus on the underbanked—nearly 4 billion people around the world—by leveraging existing mobile networks rather than relying just on bank accounts or credit cards. Our system allows users to make purchases using just their phone number, which is a game changer for those without access to traditional financial tools.
This approach has proven especially impactful in emerging markets. We’re currently expanding in Nigeria, Africa’s largest country, where airtime payment adoption is growing rapidly—and where the need for inclusive, low-barrier payment systems is incredibly high.” Ilkka responded.
Innovation At The Core Of Siru Mobile
We further asked, “What role do innovation and technology play in Siru Mobile’s strategy, and how do you stay ahead of the curve in the rapidly evolving mobile payments landscape?”
Ilkka Seppänen explained, “Continuous development is absolutely vital for us. Without it, we would’ve been out of the game years ago—because wherever there’s money, there’s also fraud. There are always bad actors testing whether the back door has been left open by mistake. Take the crypto industry, for example. When Bitcoin was trading at $100, nobody cared about KYC—anonymity and privacy were the main values. But when it hit $10,000, suddenly people wanted to prove ownership and protect their assets against fraud or disputes. The same evolution is happening in digital payments.
At Siru Mobile, we started building our own risk management solution back in 2015. Since then, we’ve continuously improved it, adding machine learning capabilities and adapting it to the ever-changing landscape of fraud. Each market brings its own risks depending on the local payment preferences—from identity theft to chargeback abuse and money laundering schemes. That’s why real-time fraud detection and proactive risk prevention are at the core of our technology strategy.
Another major technological advantage is our flexibility to integrate various payment methods across different markets. In Africa, for example, every country leans toward different preferred payment options—so offering localized, relevant choices is key. This multi-rail approach makes our solution more accessible and scalable across diverse user bases and merchant needs. Innovation is not a department for us—it’s a survival skill. We invest in tech not just to improve our services, but to stay several steps ahead of fraud and market shifts.”
Adaptability Amidst Challenges
We were intrigued to learn more about the challenges faced by Ilkka Seppänen throughout his journey of building Siru Mobile. So, we inquired, “What have been some of the biggest challenges you’ve faced while building Siru Mobile, and what lessons have you learned along the way?”
Ilkka Seppänen reflected, “One of the biggest challenges we’ve faced is navigating the constantly evolving regulatory environments across different countries and industry segments. Payment regulations are rarely static—laws shift, compliance requirements tighten, and what works in one market might be restricted in another. Adapting to this regulatory maze has required a great deal of flexibility, patience, and local insight.
Another unique challenge for us is that we’ve built Siru Mobile without external investors. That’s a rare path in fintech and one we chose intentionally. We wanted to create something truly sustainable—something that gives us control over our long-term vision. We decided to raise wisdom first before any marriage with VCs. And now, with our technology mature and our business model validated across industries, we’re ready to raise capital strategically.
This journey has taught us one of the most valuable lessons: when you don’t have excess money to throw around, that’s when true entrepreneurship begins. You’re forced to think creatively about how to sell, how to market, and how to build lean, automated processes that scale. I believe this has made us extremely efficient and capable—by any measure.”
Balancing Security With Convenience
We also asked, “How do you balance the need for security and compliance with the need for user convenience and ease of use in mobile payments?”
Ilkka Seppänen replied, “For this, we have several key approaches and the balance is already well under control. Our risk management operates in real-time, triggering stronger authentication only when needed, so most users enjoy a fast and frictionless payment experience. Payments are confirmed with just a phone number and an SMS code—no cards, no apps, no hassle—yet the underlying security and compliance frameworks are among the most advanced in the industry.”
Words Of Wisdom For Beginners
Addressing the beginners, we asked, “What advice would you give to aspiring entrepreneurs looking to make an impact in the fintech or mobile payments space?”
Ilkka Seppänen mentioned, “Focus is everything. Too many early-stage founders try to be everywhere at once—targeting multiple industries, building for too many user types, or expanding into new markets before they’ve nailed one. Don’t fall into that trap. Instead, pick one clear problem, in one segment, and become the absolute best at solving it. Once you’ve validated product-market fit and built real traction, then you can think about expanding.
This advice isn’t just theory—it’s the exact path we took with Siru Mobile. We didn’t try to conquer the entire fintech universe from day one. We started by solving one pain point for one type of customer—and made sure that solution really worked. Only after proving the model did we scale across verticals and markets.”
Ilkka Seppänen further added, “And when it comes to funding, the harsh truth most won’t tell you is, raising money too early, or on bad terms, can kill your company—even if the product is great. I’ve been in mobile payments for over 15 years, and we built most of it without outside capital. Not because investors weren’t interested, but because we saw what happens when founders give up control too early. You can end up diluted, overruled, and boxed into a vision that no longer feels like your own.
Instead of chasing headlines or inflated valuations, we chose to build something real—revenue-first, lean, and in control. Only now, with proven results and a scalable infrastructure, are we looking at raising capital—and we’re doing it with clarity, leverage, and purpose. So here’s my advice in one line: Don’t raise hype—raise results, then raise capital.”
Envisioning The Future
We ended the interview by asking, “If you could achieve one major goal for your company in the next 5 years, what would it be?”
“Our vision is simple but bold: One number, global payments. In the next five years, we want to make it possible for anyone, anywhere, to send, receive, or spend money using just their phone number. One touch, one swipe—and you’re done. No friction, no complicated setup, and no borders. Siru aims to power secure and seamless transactions across 100+ countries, reaching over 4 billion users, all at an affordable cost.
We believe the future of finance isn’t about building more complexity—it’s about making things radically simple.
Our goal is to put the entire financial system into your pocket, in a format so intuitive that anyone can use it in minutes. Whether you’re a merchant in Lagos, a gamer in Berlin, or a content creator in Bangkok, your phone number becomes your financial identity. Just one number unlocking the world.” Ilkka concluded.
Follow Ilkka Seppänen on LinkedIn.
Find Siru Mobile on LinkedIn and visit their website http://www.sirumobile.com
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