Emerging economies payments start-up Thunes closes $10m Series A round
Thunes, the global cross-border payment network for emerging economies, has closed a $10 million Series A investment from GGV Capital, reports Jane Connolly.
“We are all excited for the year ahead”
Previously known as TransferTo, Thunes aims to make financial services accessible to the world’s 1.7 billion unbanked people. The company will use the funding to enhance the platform and drive rapid growth in its key markets of Africa, Asia and Latin America.
Thunes will also open new offices in San Francisco, Dubai and Paris.
“We are extremely proud and excited to have a top VC like GGV Capital recognise our vision and potential,” says Thunes executive chairman, Peter De Caluwe. “We’ve hired a very experienced CEO, Steve Vickers, to lead Thunes’ global expansion and take our business to the next level. This funding allows us to accelerate our company mission and we are all excited for the year ahead.”
Currently the company’s network connects more than 9,000 interconnected payout partners in over 80 countries, offering four key payment solutions: P2P remittance processing, corporate mass payouts, B2B payments and digital payment services.
Thunes completes more than 300,000 transactions each day and processes over $3 billion principal per year.
The company has recently announced partnerships with high-profile brands such as Western Union, PayPal, M-PESA and South East Asia’s mobile ride-hailing and payment platform, Grab.
