SG’s fintech firm Thunes raises $60m led by Helios Investment

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.