Fast-Growing Global B2B Fintech Thunes Records Strong Q3 Results
Singapore, 3 December 2020 – Thunes, a leading cross-border payments network, continues to record strong growth with transaction volumes more than doubled in the third quarter compared to the same period last year. The impressive growth was fuelled by partnerships with leading financial institutions and companies worldwide, the rise of digital payment adoption in emerging markets and the roll-out of new features.
Overall transaction volume accelerated throughout the quarter, culminating with 110% growth from July to September as compared to the prior year. This quarter’s results outperformed the previous by 30%, largely owing to consumer-led trends such as a significant uptake in e-wallet payments instead of cash, and new strategic partnerships.
Peter De Caluwe, CEO of Thunes said, “This quarter’s strong results underscore our continued ability to solve the challenges of a fragmented cross-border payments ecosystem. By addressing the pain points in the system, we have brought benefits to the lives and businesses of people in emerging markets. Our solid performance and growing network is a testament to the work we are doing in re-shaping the landscape with seamless connections between payments players, and further financial inclusion worldwide.”
The third quarter saw Thunes launch an innovative new one-stop Onboarding Portal to ease administrative burden. This allows new partners to quickly and securely join Thunes’ extensive global network and go to market in a matter of days. An enhanced customer portal was also introduced, providing easy access to Thunes’ global payments network and enabling funds to be sent worldwide, with no technical integration required.
Thunes recently appointed industry veteran Tamer El-Emary as its new Chief Operating Officer to a diverse cross-border team comprising over 35 nationalities. El-Emary leads Thunes’ global network partnerships, sales and marketing functions, and is tasked to facilitate greater collaboration between business units to support the company’s next phases of development.
El-Elmary joins at a pivotal point of the company’s journey following a recent successful Series B financing round. In September 2020, Thunes raised US$60 million from Africa-focused Helios Investment Partners, Checkout.com as well as existing investors GGV Capital and Future Shape.
“With fresh funding and a stronger team, we are entering an exciting growth phase with new products in the pipeline and many more partnerships to strengthen our network,” added De Caluwe.
Launched in 2016, Thunes’ global network connects mobile wallet providers, banks, technology companies and money transfer operators, enabling seamless cross-border payments to and from emerging economies in a fast and secure manner. Today, Thunes has forged partnerships with payment players in more than 100 countries, allowing them to tap into the largest partner network in emerging markets.