International Finance

Singaporean fintech Thunes raises $60 mn to expand in Africa, LaTam

Thunes Singapore_IFM_Image
The funding round was led by Helios Investment Partners

Singapore-based cross-border payment startup Thunes has raised around $60 million in its Series B funding round, the media reported.

The funding round for Thunes was led by Helios Investment Partners. Other investors that participated in the round include and returning investors GGV Capital and Future Shape.

According to reports, the funds will help Thunes grow its business in markets in Africa, Asia and Latin America.

Earlier the Singapore-based fintech raised around $10 million in its Series A funding round. Currently, it operates in more than 100 countries across the globe.

Headquartered in Singapore, Thunes also has offices in London, Shanghai, New York, Dubai and Nairobi.

Helios Investment Partners co-founder and managing partner Tope Lawani told TechCrunch, “Cross-border payments represents a significant market opportunity globally given increasing cross border trade and globalization; yet, across several emerging markets, fragmented and complex payment ecosystems often leave businesses and consumers struggling with slow, costly and unreliable ways of moving money.”

“Thunes’ unique platform which was set up to address these pain points by providing accessible, fast and reliable payment solutions stood out to us as a company very well positioned to capture this growth,” he added.

Earlier this year, Singapore-based fintech startup Fincy raised $11 million from its parent company GBCI Ventures. GBCI Ventures has injected a massive capital into the fintech. The parent company is a leading smart city solutions provider across industries.

The startup is active in contactless mobile payments in Phnom Penh, Cambodia. It is accepted by more than 700 merchants and used by over 40 companies in the country.

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