Apis backs Singapore B2B micropayments player DT One
Apis Partners has invested an undisclosed sum in DT One, a Singapore-headquartered B2B digital micropayments platform with a global customer base.
The private equity firm, which focuses on impact and financial technology-related opportunities, committed capital from its second fund. The vehicle closed on USD 563m in late 2019 and makes equity investments of USD 30-50m across South Asia, Southeast Asia, and Africa.
DT One was founded in 2005 as TransferTo, operator of a cross-border payments service and mobile top-up and rewards business. The company received USD 3m in funding from Ingenico Ventures the VC unit of France-based payments platform Ingenico, in 2009. A year later, Ingenico acquired a majority stake for USD 38m.
In 2013, TransferTo was de-consolidated, and management assumed a 70% ownership interest. The company was subsequently divided in two in 2019: the cross-border payments business spun out as Thunes, which last year closed a USD 60m round led by Insight Partners; and the mobile top-up and rewards business was rebranded as DT One.
Today, DT One runs a micropayments platform that supports cross-border transfers of mobile top-ups, data bundles, gaming pins, and gift cards. Thunes is more of a classic money transfer player, covering business payments, mass pay-outs, remittance processing, and invoice collection.
The overriding objective is to provide mobile carriers with the infrastructure and services required to help migrant workers and diaspora communities stay in touch with family and friends back home. DT One has transferred credit to prepaid phones held by 5bn users in more than 160 countries, allowing these users to redeem or purchase over 9,000 digital content and gift card products.
The company has around 1,000 enterprise customers, including more than 550 mobile operators. It counts AT&T, Ooredoo, Saudi Telecom and Vodafone as partners, as well as Southeast Asian super app Grab, online payments platform PayPal, mobile wallet provider Coins.ph, and money transfer operators MoneyGram, Western Union, and WorldRemit.
Annual transaction volumes have doubled year-on-year, according to a statement. Recently, DT One broadened its offering by enabling small-ticket cash payments. The new capital will be used to expand the global footprint organically, invest in product development, and pursue acquisitions and partnerships.
“We have been extremely impressed with DT One’s accelerating market penetration and how their products have touched so many users around the world,” said Matteo Stefanel, co-founder and a managing partner at Apis.
“It is a testament to their continued commitment to delivering a safe, fast and convenient experience for people to stay connected and help businesses monetise and increase in-app engagement.”
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