Thunes raises US$60 million in Series B round

The company said that it seeks to expand its network and grow its team with the funding received

Thunes, a Singaporean cross-border payments network, has raised US$60 million in a Series B growth round led by global private equity and venture capital firm Insight Partners, with participation from existing shareholders.

The current investment round brings the company’s total funding to US$130 million in less than two years, with US$120 million in the last six months.

In supporting Thunes, Insight Partners will provide financial and operational resources to promote the company’s rapid and sustained growth; Insight Partners has invested in over 400 companies across the world and has over US$30 billion in capital commitments.

The company said that it seeks to expand its network and grow its team with the funding received.

Previously, Helios Investment Partners in Africa had led the company’s Series B financing in September 2020.

Thunes is regulated by the Monetary Authority of Singapore and the Financial Conduct Authority in the United Kingdom.

This latest funding recognises our outstanding success, validates our continued high-growth and massive addressable market globally, and will help us speed up investment in our operations, product and technology, said Peter De Caluwe, CEO of Thunes.

I’m delighted that Insight Partners has put its trust in us; this is a truly strategic partnership, he said.

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, said Deven Parekh, Managing Director at Insight Partners.

He said: We see the company as poised for massive growth as it expands its infrastructure. We are looking forward to helping them scale up.