Insight Partners leads $60M growth round in cross-border payments startup Thunes
The world of digital payments is very fragmented, with different types of online bank accounts, digital wallets and money transfer services used in different countries. Singapore-based Thunes, a fintech focused on making cross-border money transfers easier, announced today it has raised a $60 million growth round led by Insight Partners. One of the world’s largest venture capital firms, Insight is known for working closely with growth-stage companies, helping them expand through its ScaleUp program.
The round included participation from existing shareholders. Thunes’ last funding announcement was in September 2020 a $60 million Series B led by Helios Investment Partners. Other investors include GGV Capital and Checkout.com.
Founded in 2016, Thunes’ customers include Grab, PayPal, MPesa, the Commercial Bank of Dubai, Western Union, Remitly and Singaporean insurance firm NTUC Income. Its technology serves a similar purpose for online payments platforms as the SWIFT system does for commercial banks, acting as a hub to transfer money online to recipients in different countries, even if they use a different financial institution, digital wallet or mobile money account. For example, Western Union uses Thunes so it can move money into digital wallets and bank accounts. Thunes monetizes per transaction through a fixed fee and a small currency exchange fee. It is regulated by the Monetary Authority of Singapore and the Financial Conduct Authority in the United Kingdom.
Chief executive officer Peter De Caluwe told TechCrunch that Thunes looks for active investos who (Read more...)