Singapore-based FinTech startup Thunes has secured $60m in a Series B funding round led by Helios Investment Partners.
Checkout.com as well as existing investors GGV Capital and Future Shape also participated in the cash injection.
“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,” said Peter De Caluwe, CEO of Thunes. “Our goal is to make financial services affordable and accessible to everyone.”
Launched in 2016, Thunes operates a global B2B cross-border payments network and today connects mobile wallet providers, banks, technology companies and money transfer operators.
Thunes will use the cash injection to expand its global network and accelerate its expansion and growth in Africa, Asia and Latin America. The startup will also use it to hire more members to its team and accelerate the development of its product offering.
“The projected size of emerging markets cross-border payments is around $45 trillion,” said De Caluwe. ”
“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 and managing partner of Helios Investment Partners, added, “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. We are delighted to be supporting Thunes in their plans to connect multiple payment ecosystems across often challenging markets in Africa and other emerging markets and thus, foster further financial inclusion.”
Guillaume Pousaz is the CEO and founder of Checkout.com, the company that may lay claim to be Europe’s most valuable FinTech unicorn after raising a $150m Series B round in June that saw its valuation jump to $5.5bn.
“We’re pleased to support Thunes with this investment, which marks our third transaction of 2020,” he said. “As a leading, profitable payment provider, Checkout.com has the opportunity to support entrepreneurs who strive towards our vision of connected finance.
“Thunes closely aligns to this, with a mission to build the rails which facilitates greater payment options in the emerging markets, and unite leading financial institutions on one platform. We have followed Thunes’ growth and recognise the company as a pioneer in cross-border payment solutions. We look forward to working closely with them.”
Thunes successfully closed a $10mn Series A financing led by GGV Capital, a leading global venture firm, in May 2019. Thunes’ Series B funding takes the company’s total funds raised to $70m.
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