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Cross-border payment network Thunes raises $60 million

Cross-border payment network Thunes raises $60 million

Singapore-based cross-border payment network Thunes has raised US$60 million in a Series B growth round led by top tier US investor Insight Partners.

Existing investors joined the round, which come on the heels of a $60 million September Series B funding led by Africa-focused Helios Investment Partners.

Launched in 2016, Thunes operates as a network hub, connecting mobile wallet providers, banks, technology companies and money transfer operators in emerging economies.

More than 260 firms - including big names such as Grab, PayPal, M-Pesa, Western Union and Remitly - from across 110 countries use the network to send and receive money globally.

Deven Parekh, MD, Insight Partners, says: "Taking an innovative approach to solving the problems of an extremely fragmented and complex global payments ecosystem, Thunes has created a unique platform that provides accessible, fast, and reliable payment solutions.

"We see the company as poised for massive growth as it expands its infrastructure. We are looking forward to helping them scale up."

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