Singapore-headquartered fintech startup Thunes has raised USD 60 million in a Series B round, the firm announced today. Thunes provides cross-border money transfer services and is one of the two firms created after payment solutions firm TransferTo split and rebranded last February.
The Series B round was led by Africa-focused Helios Investment Partners, with participants including Checkout.com, the London-based online payments software platform, and existing investors like GGV Capital and FutureShape, bringing the company’s total funding to USD 70 million.
With roots in the telecom industry as an airtime trader, Thunes, launched in 2016, offers P2P remittance processing, corporate mass payouts, B2B payments, and digital payment services, with an aim to facilitate quick and secure transfers between banks and digital financial platforms to and from emerging economies.
With the fresh capital, the company plans to grow Thunes’ current payment network and to speed up its expansion and growth in Africa, Asia, and Latin America.
“This marks a significant milestone in our next phase of growth as we strive towards helping financial institutions and businesses around the world move money between each other in a faster, more economical, and reliable way. Our goal is to make financial services affordable and accessible to everyone,” said Peter De Caluwe, CEO of Thunes.
Currently, Thunes claims to have an extensive global network across more than 100 countries, according to its press statement.
“The projected size of cross-border payments in emerging markets is around $45 trillion. We will continue to invest and deliver additional value to the global payments ecosystem and capitalize on this explosive growth. We expect transaction volumes on our platform to double annually, through the expansion of our network,” he added.
Thunes grabbed USD 10 million in its Series A financing round last May led by GGV Capital.