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Payment network Thunes raises $60 million

Payment network Thunes raises $60 million

Cross-border payment network Thunes has raised $60 million in a Series B funding round led by Africa-focused Helios Investment Partners.

Additional investors in the Singaporean company include Checkout.com as well as existing investors GGV Capital and Future Shape. The new funding takes total capital raised to $70 million, following a $10 million round led by GGV Capital in May 2019.

Launched in 2016, Thunes operates as a network hub, connecting mobile wallet providers, banks, technology companies and money transfer operators in emerging economies. The company currently connects companies in 100 countries and intends to use the new funding to grow its network in Africa, Asia and Latin America.

Peter De Caluwe, CEO of Thunes, says: "The projected size of emerging markets cross-border payments is around $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. For the five billion people and businesses in the growing emerging market economies, we enable cross-border payments seamlessly, faster, and at more competitive rates."

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