The Singapore-based B2B cross-border payment startup has raised funds to drive the development of its global network and accelerate its expansion and growth.
The fintech startup has raised $60 million in a Series B funding round led by Africa-focused Helios Investment Partners, which was joined by Checkout.com as well as existing investors GGV Capital and Future Shape, it announced in a statement.
The funds raised will be deployed to expand its team and product offering, including business payments and collections from emerging markets, In particular Africa, Asia and Latin America – regions with fragmented and complex payment ecosystems, and where businesses struggle with slow, costly and unreliable ways of moving money.
According to the firm, its network covers mobile wallet operators, money transfer operators and banks across 100 countries and 60 currencies.
Growth Opportunities
Thunes said it wants to capitalize on the «explosive growth» of cross-border payments in emerging markets, which is projected to reach $45 trillion.
«We expect transaction volumes on our platform to double annually, through the expansion of our network,» Thunes CEO Peter De Caluwe said.
Launched in 2016, Thunes is headquartered in Singapore and operates regional offices in London, Shanghai, New York, Dubai, and Nairobi.
