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Thunes raises US$60 million in Series B growth round

By Leandra Monteiro

May 19, 2021

  • Singapore
  • Thunes
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Thunes, million, funding, Series B, Singapore, FinTech Thunes, the Singapore-based FinTech company continues to attract global technology venture capitalists as it seeks to expand its network and grow its team. The company recently secured US$60 million in a Series B growth round that was led by global private equity and venture capital firm Insight Partners, with participation from existing shareholders.

In just four years, Thunes, which is regulated by the Monetary Authority of Singapore and the Financial Conduct Authority in the United Kingdom, has become a frontrunner in the cross-border payments landscape.

“This latest funding recognises our outstanding success, validates our continued high-growth and massive addressable market globally, and will help us speed up investment in our operations, product and technology. I’m delighted that Insight Partners has put its trust in us; this is a truly strategic partnership,” said Peter De Caluwe, CEO of Thunes.

“We are excited to add Thunes to our portfolio of high-growth ScaleUp companies. Taking an innovative approach to solving the problems of an extremely fragmented and complex global payments ecosystem, Thunes has created a unique platform that provides accessible, fast, and reliable payment solutions. We see the company as poised for massive growth as it expands its infrastructure. We are looking forward to helping them scale up,” said Deven Parekh, Managing Director at Insight Partners.

De Caluwe added, “Thunes is leading the way in global cross-border payments and this is recognised by the calibre of our investors, starting with GGV Capital, followed by Helios Investment Partners and Checkout.com, and now Insight Partners. We’re building a bigger and better payment network that interconnects financial institutions and businesses in developed and developing markets and allows any payment player to transfer money across borders instantly without the need for countless integrations to multiple systems.”

“Since leading the Series A funding round in 2019, we have witnessed incredible growth from Thunes and have seen Peter’s ability to attract management talent from around the world to join Thunes in fulfilling its mission and vision. We are excited about the impact they have made in addressing the many challenges in the cross-border payments ecosystem and look forward to our continued partnership as Thunes scales to greater heights,” said Jenny Lee, Managing Partner of GGV Capital.

“It was a real pleasure working with such a talented executive team to achieve this outcome,” said Steve McLaughlin, Founder, CEO and Managing Partner of FT Partners. “Thunes is on an incredibly exciting journey, and the strategic support from Insight Partners will take them to the next level of success even faster.”

Customers who have joined Thunes’ global network include Southeast Asian app Grab, online payments platform PayPal, mobile money wallet M-Pesa, Commercial Bank of Dubai, global money transfer operators Western Union and Remitly, as well as Singapore insurance firm NTUC Income. The current investment round brings the company’s total funding to US$130 million in less than two years, with US$120 million in the last six months.

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