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Cross-border payments startup Thunes raises $10m

Cross-border payments startup Thunes raises $10m

Thunes, a Singapore-based cross-border payments network for emerging economies, has raised $10 million in a Series A funding round led by GGV Capital.

Previously called TransferTo, Thunes specialises in four payment areas: P2P remittance processing, corporate mass payouts, B2B payments, and digital payment services.

The firm has built up a network that reaches over 80 countries with more than 9000 interconnected payout partners and completes more than 300,000 transactions a day.

It recently inked a deal with Western Union to expand payout capabilities to mobile wallets and also works with PayPal and M-Pesa in Kenya as well as Asian ride-hailing giant Grab.

The new funding will be used to accelerate growth across Africa, Asia and Latin America.

Peter De Caluwe, executive chairman, Thunes, says: "This funding allows us to accelerate our company mission and we are all excited for the year ahead."

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