Thunes gets $60 Million In VC Funding

Singapore based B2B payments firm, Thunes has received $60 million in a Series B round of funding which was led by Insight Partners with participation from existing shareholders.

As of last week, investors had poured over $3.53 billion in venture capital into commercial payments companies with Boost Payments receiving $22 million.

The latest announcement noted that “Insight Partners will provide financial and operational resources to promote the company’s rapid and sustained growth” and the company has invested in more than 400 companies globally with more than $30 billion in capital movements.

“We’re building a bigger and better payment network that interconnects financial institutions and businesses in developed and developing markets and allows any payment player to transfer money across borders instantly without the need for countless integrations to multiple systems”, said  Peter De Caluwe, CEO of Thunes.

Thunes has roped in some well-known customers such as PayPal, M-Pesa, Commercial Bank of Dubai, Western Union and Remity.

Thunes is registered with the Monetary Authority of Singapore and the Financial Conduct Authority in the United Kingdom. The company is present in 110 countries that send and receive funds internationally.