Thunes has completed its $10 million Series A financing led by venture firm GGV Capital.
Formerly known as TransferTo, Thunes is a global cross-border payments network for emerging economies that aims to make financial services accessible to everyone, including the 1.7 billion adults in emerging markets that are excluded from the global economy because they lack access to any financial services. The company’s network interconnects financial institutions and digital financial service providers, enabling the seamless movement of funds to and from emerging economies in a fast and secure manner.
The funding from GGV Capital will be used to further enrich the service offering and platform and accelerate growth across Africa, Asia, and Latin America. The goal is to build more strategic partnerships that will help bring improved payment solutions to businesses and consumers in emerging economies.
Today, the company has an active global network that reaches over 80 countries with more than 9,000 interconnected payout partners. Thunes offers four key payment solutions - P2P remittance processing, corporate mass payouts, B2B payments, and digital payment services. On a daily basis, Thunes completes more than 300,000 transactions, and processes in excess of $3 Billion USD principal per annum.
Recently, the company announced a collaboration with Western Union to expand payout capabilities to mobile wallets. Thunes partnered with PayPal and M-PESA to deliver alternative payment solutions that allow Kenyan consumers and businesses to take full advantage of global e-commerce. Thunes has also joined forces with Grab, South-East Asia’s leading mobile ride-hailing and payment platform, to enable real-time mass salary payouts for their drivers.
Further financial terms of this deal have not been disclosed. The deal has already secured approval from the FCA.