Fintech start-up Thunes raised $60 million in Series B financing with Helios Investment Partners leading the latest round of funding, as the company continues expansions plans in emerging markets.
In a statement, Singapore-based Thunes announced fresh funds also came from payment solutions firm Checkout.com, and current investors GGV Capital and Future Shape.
Thunes operates a global cross-border payments network for emerging economies that aims to make financial services accessible to everyone.
The company stated the latest round of funding will drive “continued development of Thunes’ global network and accelerate its expansion and growth in Africa, Asia and Latin America.”
Thunes identified those markets as “growth opportunities” due to fragmented and complex payment ecosystems. The capital raised will be deployed to expand teams and product offering, including business payments and collections from emerging markets.
Peter De Caluwe, CEO of Thunes said: “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.”
De Caluwe predicted the size of cross-border payments in emerging markets to grow to $45 trillion, and transaction volumes in the company to double annually.
Thunes operates a global payment platform provided to mobile wallet providers, banks and money transfer companies; across 100 countries in over 60 currencies.
Tope Lawani, co-founder and managing partner of Helios Investment Partners said: “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.
“Thunes is a great example of a firm leading this. The unique network built by the company enables its partners to process cheaper and faster cross-border payments of all types.”
In May 2019, Thunes closed $10 million in Series A financing led by venture firm GGV Capital. To date, Thunes raised $70 million since launching in 2016.