Payment Processing Company Thunes Raises $ 60 Million As Industry Accelerates

The fintech has raised $ 70 million to date and plans to expand into new and existing markets with the latest cash injection.

Image Source: Peter De Caluwe / Thunes

Singapore-based payments company Thunes has closed a $ 60 million Series B funding round and the fintech uses the cash to further expand in Asia, Latin America and Africa.

The round was led by Helios Investment Partners, which focuses on Africa, and existing investors GGV Capital, which has invested in companies such as Airbnb, Square and Slack, and sustainable investor Future Shape also participated.

Payment processing company Checkout.com also participated in the increase.

Peter De Caluwe, CEO of Thunes, said: “This marks an important milestone in our next phase of growth as we strive to help financial institutions and businesses around the world move money with each other more quickly. , economical and reliable “.

Founded in 2016, Thunes operates a global cross-border B2B payments network in more than 100 countries in more than 60 currencies, with a specific focus on enabling payments to and from emerging economies.

De Caluwe added: “The projected size of cross-border payments from emerging markets is around $ 45 trillion. We will continue to invest and bring additional value to the global payments ecosystem and capitalize on this explosive growth. ”

Following the completion of its Series B, Thunes has raised a total of $ 70 million to date.

Guillaume Pousaz, CEO and Founder of Checkout.com, said: “As a leading and profitable payment provider, Checkout.com has the opportunity to support entrepreneurs who are striving to achieve our vision of connected finance.”

“Thunes aligns closely with this, with a mission to build the rails that facilitate greater payment options in emerging markets and unite leading financial institutions on one platform.”

Thunes has offices in London, Shanghai, New York, Dubai and Nairobi and plans to use the latter financing to expand its operations to expand its operations, including Kenya, Tanzania, Zimbabwe and Ethiopia.