Singapore-based Fintech startup Thunes has raised $60 million in its Series B round. The investment was led by Helios Investment Partners with participation from Checkout.com, GGV Capital and Future Shape. This brings the total funds raised by Thunes up to $70 million.
The B2B cross-border payments network company was founded in 2016. Today, it connects payment players in over 100 countries across the globe. The company connects banks, tech companies, mobile wallet providers, and money transfer operators and enables seamless cross-border payments.
“This marks a significant milestone in our next phase of growth as we strive towards helping financial institutions and businesses around the world move money between each other in a faster, more economical and reliable way. Our goal is to make financial services affordable and accessible to everyone,” said Peter De Caluwe, CEO of Thunes.
The funding will be utilized to develop the company’s global network and its expansion plans. Thunes is especially focused on growing its presence in Africa, Asia, and South America. It plans to expand its team and product offering, including business payments and collections from emerging markets.
The projected size of emerging markets cross-border payments is around $45 trillion and Thunes is looking to invest and grow in the industry to innovate and capture a large chunk of the space in this market.
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