Singaporean payments startup Thunes rakes in USD 10 million in a GGV-led Series A round

GGV Capital’s portfolio includes notable companies like Alibaba, Airbnb, and Slack.

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Singaporean payments startup Thunes rakes in USD 10 million in a GGV-led Series A round

Payments and mobile top-up company TransferTo rebranded in February this year and spun out Thunes, the B2B cross-border payment solutions arm of the company, as an independent entity.

This Singapore-headquartered entity has now completed a USD 10 million Series A financing round led by GGV Capital, a global VC which has made notable investments in companies including Alibaba, Airbnb, and Slack.

The startup intends to use the fresh funds to drive growth in its key markets across Africa, Asia, and Latin America. There are also plans to open up new offices in San Francisco, Dubai, and Paris. Its strategic partners include Grab, Western Union, PayPal, and M-Pesa.

Thunes mainly offers P2P remittance processing, corporate mass payouts, B2B payments, and digital payment services, looking to facilitate quick and secure fund transfers between banks and digital financial platforms to and from emerging economies. The firm charges a fee per transaction, with a small markup on exchange rates.

Thunes claims to have an extensive global network across more than 80 countries. According to its press statement, the firm completes over 300,000 transactions on a daily basis.

Editor: Nadine Freischlad