Singapore-based B2B cross-border payments network Thunes has snapped up $60 million in a Series B funding round led by Africa-focused investment firm Helios Investment Partners.
UK-based payment unicorn Checkout.com participated as a new investor, while existing backers GGV Capital and Future Shape doubled down on Thunes in the Series B round.
GGV Capital led the startup’s $10 million Series A financing in May 2019.
Launched in 2016, Thunes allows cross-border payments for its 400 partners including mobile wallet providers, banks, technology companies and money transfer operators in more than 100 countries.
With a focus on emerging economies, Thunes will use the latest funding to accelerate its expansion in Africa, Asia and Latin America. The new capital will also be deployed to expand its team and product offering, including business payments and collections from emerging markets.
These regions represent Thunes’ largest growth opportunity, where fragmented and complex payment ecosystems often leave consumers and businesses struggling with slow, costly and unreliable ways of moving money, the company said in a statement.
“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,” said Peter De Caluwe, CEO at Thunes.
The CEO expects transaction volumes on the company’s platform to double annually.
“We are delighted to be supporting Thunes in their plans to connect multiple payment ecosystems across often challenging markets in Africa and other emerging markets and thus, foster further financial inclusion,” said Tope Lawani, co-founder and managing partner of Helios Investment Partners.
“The African fintech space, and payments in particular, remains a key focus area for Helios and we continue to look for opportunities to back high-growth companies building key infrastructure for the financial ecosystem in Africa,” he added.