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/News/Thunes raises $30 million in its Series C funding round

Thunes raises $30 million in its Series C funding round

Crispus Nyaga
Author 
Crispus Nyaga
1 minutes
July 5th, 2023
Thunes raises $30 million in its Series C funding round
  • Thunes, a cross-border payments firm, has raised $30 million in its Series C funding round.
  • The amount will focus on cross-border solutions and adds to the firm's recent developments.

Thunes has raised $30 million investment in its Series C funding round. The Singapore-based fintech firm seems to focus on the amount on cross-border payments solutions. Among the investors in this round is Marshall Wace.

In an official statement the company stated, “Our conversations with global investors are constant and ongoing, and as we continue to engage with them, we see a strong interest in Thunes’ capabilities, as well as a belief that the cross-border payments sector will continue to grow and see strong demand”.

The firm did not disclose details of the investment round. However, since its launch in 2019, it has had several developments and partnerships. All of these have been geared towards its growth at a global scope.

For instance, in November 2022, the firm partnered with Enjaz to facilitate international payments for its clients in Saudi Arabia. During the same period, it collaborated with China’s Tencent Financial Technology for enable members of its network to make payments to users of WeChat.

In May 2021, Thunes raised $60 million in its Series B funding round. The extension round, which was led by venture capital company, Insight Partners, was geared towards the firm’s growth worldwide. Prior to that, it has raised another $60 million in September 2020.

Thunes is a cross-border payment firm whose focus is on the business-to-business model. It allows firms to process funds both for their employees and customers. Its products include business payments, processing of remittances, virtual accounts, and mass payouts. Some of its major customers include money transfer operators, banks, and mobile money companies.

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Crispus Nyaga
Crispus Nyaga is a distinguished financial analyst with over nine years of industry experience, specializing in the stock market, forex, equities, and commodities. His insightful analysis has been featured by prominent financial brands, showcasing his deep understanding of market dynamics. As an active trader managing his family's investments, Crispus combines practical trading acumen with analytical expertise.