Singapore-headquartered B2B cross-border payments company Thunes announced today it has received US$60 million Series B growth round, led by global private equity and VC firm Insight Partners.
Existing existing shareholders, including GGV Capital, Helios Investment Partners and Checkout.com, also participated.
“[This] will help us speed up investment in our operations, product and technology,” said Peter De Caluwe, CEO of Thunes.
The latest round of investment comes exactly two years after Thunes bagged US$10 million in Series A in 2019.
Thunes is building a payment network that interconnects financial institutions and businesses in developed and developing markets and allows any payment player to transfer money across borders instantly without the need for countless integrations to multiple systems.
Its platform is used by global banks, money transfer operators, platforms and other businesses to make payments to bank accounts, mobile wallets and cash pick-up providers around the world.
Currently, it claims to connect more than 260 customers and network partners from across 110 countries to send and receive money globally.
Besides Singapore, Thunes has regional offices in London, Shanghai, New York, Dubai, and Nairobi.
Grab, PayPal, M-Pesa, Commercial Bank of Dubai, Western Union, Remitly, and NTUC Income are among its customers.
Thunes is regulated by the Monetary Authority of Singapore and the Financial Conduct Authority in the UK.
“Taking an innovative approach to solving the problems of an extremely fragmented and complex global payments ecosystem, Thunes has created a unique platform that provides accessible, fast, and reliable payment solutions. We see the company as poised for massive growth as it expands its infrastructure,” said Deven Parekh, Managing Director at Insight Partners.
Insight Partners will provide financial and operational resources to promote Thunes’s rapid and sustained growth.
Insight has invested in more than 400 companies worldwide and more than US$30 billion in capital commitments.
Image Credit: Thunes
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