Growth differentiation factor 9 (GDF9) and bone morphogenetic protein 15 (BMP15) are oocyte-specific growth factors with central roles in mammalian reproduction, regulating species-specific fecundity, ovarian follicular somatic cell differentiation and oocyte quality. In the human, GDF9 is produced in a latent form, the mechanism of activation being an open question. Here, we produced a range of recombinant GDF9 and BMP15 variants, examined their in silico and physical interactions, and their effects on granulosa cells (GC) and oocytes. By generating a covalent BMP15 homodimer that cannot heterodimerize with GDF9, we found that the potent synergistic actions of GDF9 and BMP15 on GC can be attributed to the formation of a heterodimer, which we have termed cumulin. Modelling of cumulin revealed a dimerization interface identical to homodimeric GDF9 and BMP15, indicating likely formation of a stable complex. This was confirmed by generation of recombinant heterodimeric complexes of pro/mature domains (pro-cumulin) and covalent mature domains (cumulin). Both pro-cumulin and cumulin exhibited highly potent bioactivity on GC: activating both SMAD2/3 and SMAD1/5/8 signaling pathways in human granulosa COV434 cells, and promoting mouse GC proliferation (ED50: 4ng/ml and 0.6ng/ml, respectively) and expression of a set of genes (Ptx3, Has2, Tnfaip6, Ptgs2) associated with oocyte-regulated GC differentiation towards the cumulus cell phenotype. In all cases cumulin was more potent than pro-cumulin, pro-GDF9, pro-BMP15 or the two combined on GC. However, on cumulus-oocyte complexes, pro-cumulin was more effective than all other growth factors at improving porcine oocyte quality using a low developmental competence model. Pro-cumulin increased subsequent blastocyst development 2.3-fold from 28% to 63%. Our results support a model of activation for human GDF9 dependant on cumulin formation through heterodimerization with BMP15. Oocyte-secreted cumulin is likely to be a central regulator of fertility in mono-ovular mammals.