Payment processing firm Thunes raises $60m as the sector hots up

Singapore-based payment firm Thunes has closed a $60m Series B funding round with the cash being used by the fintech to further expand into Asia, Latin America and Africa. 

The round was led by Africa-focused Helios Investment Partners and existing investors GGV Capital, which has invested in the likes of Airbnb, Square and Slack, and sustainable investor Future Shape also took part. 

Fellow payment processing firm Checkout.com also participated in the raise. 

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.”  

Founded in 2016, Thunes operates a global cross-border B2B payment network across more than 100 countries in over 60 currencies, with a specific focus on enabling payments to and from emerging economies. 

De Caluwe added: “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.” 

Following the completion of its Series B, Thunes has raised a total of $70m to date. 

Guillaume Pousaz, CEO & Founder of Checkout.com, said: “As a leading, profitable payment provider, Checkout.com has the opportunity to support entrepreneurs who strive towards our vision of connected finance.” 

“Thunes closely aligns to this, with a mission to build the rails which facilitates greater payment options in the emerging markets and unite leading financial institutions on one platform.” 

Thunes has offices in London, Shanghai, New York, Dubai and Nairobi and plans to use this latest funding to expand operations to expand its operations, including Kenya, Tanzania, Zimbabwe and Ethiopia.