SG’s Thunes Nets US$60M to Accelerate Growth in Africa, Asia, Latam

SG’s Thunes Nets USM to Accelerate Growth in Africa, Asia, Latam

Singapore-based Thunes, which operates a global B2B cross-border payments network, has secured US$60 million in Series B round of financing, led by Africa-focused VC firm Helios Investment Partners.

Global payments processing major, as well as existing investors GGV Capital and Future Shape (European deep-tech investor) also joined the round.

The proceeds from the round will fuel the continued development of Thunes’s global network and accelerate its expansion and growth in Africa, Asia and Latin America.

A portion of the money will also be deployed to expand its team and product offering.

Launched in 2016, Thunes’s global network connects mobile wallet providers, banks, technology companies and money transfer operators, enabling cross-border payments to and from emerging economies “in a fast and secure manner”.

Today, the fintech firm connects different payment players in more than 100 countries.

The startup has regional offices in London, Shanghai, New York, Dubai, and Nairobi.

According to a press statement, Africa, Asia and Latin America represent Thunes’s largest growth opportunity, where fragmented and complex payment ecosystems often leave consumers and businesses struggling with slow, costly and unreliable ways of moving money.

“The projected size of emerging markets cross-border payments is around US$45 trillion. 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,” added De Caluwe.

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