Thunes (previously DBA as TransferTo), a cross-border payments Fintech, has completed a $10 million Series A financing led by GGV Capital. Thunes is a Licensed Payments Service Provider in the UK.
Headquartered in Singapore, Thunes connects mobile wallet operators, corporates, merchants, money transfer operators, payment service providers and banks to support payment and transfer methods. Thunes’ mission is to make financial services global and accessible to everyone, including the 1.7 billion adults in emerging markets that are excluded from the global economy because they lack access to any financial services.
The funding from GGV Capital will be used to boost growth across Africa, Asia, and Latin America.
Thunes will also open offices in San Francisco, USA, Dubai, UAE, and Paris, France to enable closer interaction with the growing customer and partner base.
Thunes Executive Chairman, Peter De Caluwe said they were proud to have top VC GGV Capital back their firm. He said they have hired experienced CEO, Steve Vickers, to lead Thunes’ global expansion and take the business to the next level.
“This funding allows us to accelerate our company mission and we are all excited for the year ahead.”
Thunes reports an active global network that reaches over 80 countries with more than 9,000 interconnected payout partners. Thunes offers four key payment solutions – P2P remittance processing, corporate payouts, B2B payments, and digital payment services. On a daily basis, Thunes says it completes more than 300,000 transactions, and processes in excess of $3 Billion USD principal per annum.
Recently, Thunes announced a collaboration with Western Union to expand payout capabilities to mobile wallets.
Thunes has partnered with PayPal and M-PESA to deliver alternative payment solutions that allow Kenyan consumers and businesses to take full advantage of global e-commerce.
Thunes has also joined forces with Grab, South-East Asia’s leading mobile ride-hailing and payment platform, to enable real-time mass salary payouts for their drivers.