SINGAPORE-based Thunes, a cross-border payments network for emerging economies, has raised US$10 million in Series A financing led by GGV Capital, a leading global venture capital firm.
Thunes - previously TransferTo - said that the funding will be used to improve its service offering and platform, as well as accelerate growth across Africa, Asia and Latin America. The startup aims to build more strategic partnerships and will also open offices in San Francisco, Dubai and Paris to interact more closely with its growing customer and partner base.
Thunes’ global 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, said the startup in a press statement.
It added that its network reaches over 80 countries with more than 9,000 interconnected payout partners. Thunes offers four key payment solutions: peer-to-peer remittance processing, corporate mass payouts, business-to-business payments, and digital payment services. On a daily basis, Thunes completes more than 300,000 transactions and processes more than US$3 billion principal per annum.
The startup has a collaboration with Western Union to expand payout capabilities to mobile wallets. It also partnered with PayPal and M-Pesa to deliver alternative payment solutions for Kenyan consumers and businesses to tap into global e-commerce. Thunes works with Grab to enable real-time mass salary payouts for drivers.