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Singapore-headquartered Thunes has raised $60 million in an Insight Partners-led growth round. New investors such as GGV Capital and Checkout.com and existing shareholders had participated in the funding. Preceding this fundraising, in September 2020, Thunes had bagged $60 million in Series B from Helios Investment Partners.
The proceeds from Insight Partners will help Thunes expand in North and South America, build its engineering and product teams and decide what new services to offer customers, according to Thunes CEO Peter De Caluwe. They shall be injected into the company’s network infrastructure, which can otherwise turn costly as the company expands into new countries. With this round’s close, their total funding stands at $130 million, with $120 million pouring in between 2020-2021, as per Crunchbase data.
Founded in 2016, Thunes provides a global cross-border payment network for seamless transfer of funds to over 100 countries in 60 currencies even if they use a different financial institution, digital wallet, or mobile money account. They aim to add transparency in cross-border payments for users by telling them how much it actually costs, something many cannot do at present.
From a working team of 75 members during their Series B fundraising in September last year, they doubled the team size along with the growth in revenue. De Caluwe expects it to double by the end of 2021.
Commenting on the investment, Nikhil Sachdev, managing director at Insight Partners, opined that despite there being multiple ways to play in the global digital payment space, strong demand for electronic transactions provides tailwinds to companies like Thunes.
he cross-border payments ecosystem is an attractive market, and Thunes enables companies to make payments without building out their own infrastructure. It is a huge undertaking, and Thunes does the hard work of entering a corridor and packaging the offering to its client base.Sachdev said in an interview to Crunchbase news.
We see the company as poised for massive growth as it expands its infrastructure. We are looking forward to helping them scale up,Deven Parekh, managing director at Insight Partner