Thunes, a leading cross-border payments network, has successfully raised US$72 million in its Series C funding round, surpassing its initial target of US$60 million. The Singapore-based fintech company aims to use the additional funds to further expand its global reach and enhance its technology infrastructure.
The funding round was led by global venture capital firm Insight Partners, with participation from existing investors such as GGV Capital, Helios Investment Partners, and Checkout.com. This latest investment brings Thunes’ total funding to date to over US$100 million.
Thunes operates a robust platform that enables businesses and individuals to make seamless cross-border payments in emerging markets. The company’s network connects various payment systems, including mobile wallets, bank accounts, and cash pick-up points, allowing users to send and receive money across borders quickly and securely.
With the global remittance market estimated to be worth over US$700 billion annually, Thunes plays a crucial role in facilitating financial inclusion and economic growth in emerging economies. By providing a reliable and efficient cross-border payments infrastructure, the company helps businesses expand their operations internationally and enables individuals to support their families back home.
The additional funding will enable Thunes to accelerate its expansion plans and strengthen its position as a leading player in the cross-border payments space. The company plans to invest in talent acquisition, technology development, and market expansion to capitalize on the growing demand for its services.
Thunes’ CEO, Peter De Caluwe, expressed his gratitude for the continued support from investors and emphasized the company’s commitment to driving financial inclusion globally. He stated, “This funding round is a testament to the confidence our investors have in our vision and the value we bring to our customers. We are excited to continue expanding our network and enhancing our technology to better serve the needs of businesses and individuals in emerging markets.”
The COVID-19 pandemic has further highlighted the importance of digital financial services and the need for efficient cross-border payment solutions. As travel restrictions and lockdown measures continue to disrupt traditional remittance channels, Thunes’ platform offers a reliable alternative for individuals to send money to their loved ones in different countries.
Thunes has already established a strong presence in Asia, Africa, and Latin America, partnering with leading financial institutions, mobile network operators, and digital wallets. The company’s network spans over 100 countries, enabling users to send money to even the most remote locations.
The Series C funding round not only provides Thunes with the necessary capital to expand its operations but also validates the company’s business model and growth potential. As the demand for cross-border payments continues to rise, Thunes is well-positioned to capture a significant share of the market and drive financial inclusion on a global scale.
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- Source: Plato Data Intelligence.