Singapore-Based Thunes Raises US$60M in Series B Funding

Singapore-Based Thunes Raises US$60M in Series B Funding

by September 8, 2020
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Singapore-based Thunes, a B2B cross-border payments network, raises US$60 million in Series B funding round led by Africa-focused Helios Investment Partners.

Additional investors include Checkout.com as well as existing investors GGV Capital and Future Shape.

Thunes was previously a part of TransferTo which has since rebranded in 2019 to form two separate company brands, the other one being DT One, a mobile top-up and rewards solution.

Its network connects mobile wallet providers, banks, technology companies and money transfer operators, enabling cross-border payments to and from emerging economies.

The latest round of funding will drive the continued development of Thunes’ global network and accelerate its expansion and growth in Africa, Asia and Latin America. The capital raised will be deployed to expand its team and product offering, including business payments and collections from emerging markets.

These regions represent Thunes’ largest growth opportunity, where fragmented and complex payment ecosystems often leave consumers and businesses struggling with slow, costly and unreliable ways of moving money.

Today, Thunes connects different payment players in more than 100 countries, allowing them to tap into a large partner network in emerging markets.

Peter De Caluwe

Peter De Caluwe

Peter De Caluwe, CEO of Thunes said,

“The projected size of emerging markets cross-border payments is around $45 trillion. We will continue to invest and deliver additional value to the global payments ecosystem and capitalise on this explosive growth. We expect transaction volumes on our platform to double annually, through the expansion of our network. For the five billion people and businesses in the growing emerging market economies, we enable cross-border payments seamlessly, faster, and at more competitive rates.”

Tope Lawani, Co-founder & Managing Partner of Helios Investment Partners, commented,

Tope Lawani

Tope Lawani

“The African fintech space, and payments in particular, remains a key focus area for Helios and we continue to look for opportunities to back high-growth companies building key infrastructure for the financial ecosystem in Africa. Thunes is a great example of a firm leading this. The unique network built by the company enables its partners to process cheaper and faster cross-border payments of all types.”

In May 2019, upon regulatory approval, Thunes successfully closed a US$10 million Series A financing led by venture firm GGV Capital. Thunes’ Series B funding takes the company’s total funds raised to US$70 million.

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