Singapore-headquartered fintech startup Thunes has raised USD 60 million in an extended Series B round from Insight Partners, bringing its total capital to USD 130 million. The news comes nine months after the firm bagged USD 60 million from Helios Investment Partners, Checkout.com, and existing investors GGV Capital and Future Shape.
“In the next three to five years, Thunes aims to be a well-recognized global leader powering cross-border payments,” CEO Peter De Caluwe told KrASIA. “We’d like to be seen as the global benchmark on compliance, treasury, security, and customer service in emerging markets.” The firm is set to ramp up its product offerings, technology, and operations, to expand across Asia, Africa, Europe, the Middle East and Africa.
While De Caluwe did not reveal whether the firm is already profitable, he said that it has seen significant growth in 2020, including a 100% year-on-year increase in transaction volumes. Thunes, which was rebranded from TransferTo in February 2019, also added 40 payment partners to its network and doubled its staff. The firm counts notable names including Grab, PayPal, M-Pesa, Western Union, and Singaporean insurer NTUC Income as its customers.
The global cross-border payment market is valued at USD 60 trillion and the instantaneous payment market USD 13–14 trillion, according to Thunes’ own research. This huge potential first attracted many young fintech firms and then minted global payment unicorns such as London-based Wise (formerly TransferWise), Revolut, New York-based Payoneer, and Hong Kong-based Airwallex.
While Thunes differentiates itself by focusing on emerging markets, De Caluwe remains sanguine regarding the competition. “We do not see these players as competitors. Instead, we look for opportunities to collaborate and connect with all fintech players to help them succeed,” he said.