Cross-Border FinTech Thunes Completes Growth Round

Cross-Border FinTech Thunes Completes Growth Round

May 19, 2021 at 01:27AM

Singapore’s Thunes, the FinTech company, which connects payment players in numerous countries, is now backed by Insight Partners in a new $60 million growth round, a press release said Tuesday (May 18).

The company reportedly intends to look at expanding its network and boost its dynamic team.

In addition to Insight Partners, the new round was supported by “existing shareholders,” and the support from Insight Partners will bolster Thunes’ financial and operational resources. Insight Partners, the release said, has invested in over 400 companies worldwide, with over $30 billion in capital commitments.

Some of the companies that have joined the global network of Thunes include Grab, online payments platform PayPal, mobile money wallet M-Pesa, global money transfer operators Western Union and Remitly, Commercial Bank of Dubai and Singapore insurance firm NTUC Income.

“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.

He added that the company was working to interconnect financial institutions and businesses in developed and developing markets, letting any payment maker transfer money cross-border instantly, without needing any kind of numerous integrations with other systems.

Thunes recently worked with the Co-operative Bank of Kenya on Co-opRemit, a new money transfer offering, which will help to bolster cross-border payments, according to Thunes CEO Peter De Caluwe.

De Caluwe said the company would assist in growing via “accessible” payments that will go around the world and assist smaller businesses.

Co-opRemit will simplify live money transfers and allow Kenya clients to move more funds at cost-effective prices.