Singapore-based cross-border payments startup Thunes announced on Tuesday a $60 million Series B growth round to expand its infrastructure in developing accessible, fast, and reliable payments solutions.
The round was led by the global private equity and venture capital firm Insight Partners, with participation from existing shareholders Helios Investment Partners, GGV Capital, Future Shape, and Checkout.com.
Africa-based Helios Investment Partners led Thunes’s Series B financing in September 2020 while GGV Capital had led a Series A round in May 2019. The current investment round brings the company’s total funding to $130 million.
Insight Partners will provide financial and operational resources to help the company scale up. The US-based firm has invested in more than 400 companies worldwide and has more than $30 billion in capital commitments.
“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 payments solutions. We see the company is poised for massive growth as it expands its infrastructure,” said Deven Parekh, managing director at Insight Partners.
Thunes first launched in 2019 when financial tech company TransferTo split into two companies: Thunes for business-to-business solutions, and DT One, which focuses on consumer services like mobile top-ups and data bundles.
The payment powerhouse develops APIs and other technology for financial firms and institutions such as banks, digital wallet providers, and money transfer services. This helps them reach unbanked customers in emerging markets who do not have access to a bank account and instead rely on digital wallets or other online means to make or receive payments.
Thunes now operates in more than 100 countries and has shown a 100% increase in growth over the past year. Their clients include superapp Grab, online payments platform PayPal, mobile money wallet M-Pesa, Commercial Bank of Dubai, global money transfer operators Western Union and Remitly, as well as Singapore insurance firm NTUC Income.
Another Singapore-based cross-border payments firm Nium recently raised about $21 million in fresh funding from Temasek Holdings in a mix of primary and secondary transactions.
Last year saw fintech fundings in Singapore fall by 58% YoY, according to a study by FinTech Global. From more than $2.13 billion in 2019, fintech companies only raised $884.2 million last year.