Cross-border payments startup Thunes raises US$60m led by Helios

THUNES, which operates a business-to-business cross-border payments network, has raised US$60 million in a Series B funding round led by Africa-focused Helios Investment Partners.

Other investors on the Singapore-based company's list of investors include London-based payments firm Checkout.com and existing investors GGV Capital and Future Shape. The round takes the company's total funds raised to US$70 million.

Thunes' global network connects mobile wallet providers, banks, technology companies and money transfer operators, enabling cross-border payments to and from emerging economies quickly and securely. The company, founded in 2016, now connects different payment players in more than 100 countries.

The money raised will be used for growth in Africa, Asia and Latin America. It will go into expanding the team and its product offerings, including business payments and collections from emerging markets.

These regions have fragmented and complex payment ecosystems that often leave consumers and businesses struggling with slow, costly and unreliable ways of moving money.

Thunes' chief executive Peter De Caluwe said: "The projected size of emerging markets cross-border payments is around US$45 trillion. ... We expect transaction volumes on our platform to double annually, through the expansion of our network."

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Tope Lawani, co-founder and managing partner of Helios Investment Partners, said that the African fintech space, and payments in particular, remains a key focus area for Helios.

"We continue to look for opportunities to back high-growth companies building key infrastructure for the financial ecosystem in Africa," he said.