Singapore fintech provider Thunes gets $60m
Insight Partners has led a $60 million round for Thunes, a Singapore-based financial technology provider specializing in B2B cross-border payments in developing markets.
The investment has been billed as an extension of a $60 million Series B round last year led by Africa-focused Helios Investment Partners. French technology advisory Future Shape, UK enterprise technology provider Checkout.com, and GGV Capital also contributed to the Helios-led round. GGV led a $10 million Series A in 2019.
Thunes CEO Peter De Caluwe described Insight's support as “truly strategic.” The US-based investor’s network includes Southeast Asian super app Grab, African mobile wallet M-Pesa, Commercial Bank of Dubai, and global money transfer players the likes of PayPal and Western Union. Last month, Insight co-led a $125 million round for Chargebee, which supports PayPal transactions in India.
“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,” Deven Parekh, a managing director at Insight, said in a statement. “We see the company as poised for massive growth as it expands its infrastructure.”
Thunes describes itself as a global leader in cross-border money transfers, with services spanning business payments, mass payouts, remittance processing, and invoice collection across 100 countries and 60 currencies. It is regulated by the Monetary Authority of Singapore and the UK's Financial Conduct Authority.
The company claims to have grown 100% in 2020. Last year, it said transaction volumes on its platform were expected to double annually going forward. Asia, Africa, and Latin America are the core growth markets due to their fragmented and complex payments ecosystems. These markets are said to log $45 trillion worth of cross-border payments annually between five billion people and businesses.
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