Payments Start-up Thunes Connects 1.7 Billion Unbanked Users Worldwide with Localized Financial Solutions Closes $10 Million Series A Investment from Global VC GGV Capital
SINGAPORE, May 6, 2019 – Thunes, a global cross-border payments network for emerging economies, today announced that it has successfully completed its $10 million Series A financing led by GGV Capital, a leading global venture firm. The funding will be used to drive deeper and more rapid growth across the company’s key markets.
Thunes’ mission is to make financial services global and accessible to everyone, including the 1.7 billion adults in emerging markets that are excluded from the global economy because they lack access to any financial services. Thunes’ global network interconnects financial institutions and digital financial service providers, enabling the seamless movement of funds to and from emerging economies in a fast and secure manner.
The funding from GGV Capital will be used to further enrich the service offering and platform and accelerate growth across Africa, Asia, and Latin America. The goal is to build more strategic partnerships that will help bring improved payment solutions to businesses and consumers in emerging economies. The team will also open up new, dedicated offices in San Francisco, USA, Dubai, UAE, and Paris, France to enable closer interaction with the growing customer and partner base.
“We are extremely proud and excited to have a top VC like GGV Capital recognise our vision and potential,” says Thunes Executive Chairman, Peter De Caluwe. “We’ve hired a very experienced CEO, Steve Vickers, to lead Thunes’ global expansion and take the business to the next level. This funding allows us to accelerate our company mission and we are all excited for the year ahead.”
Today, the company has an active global network that reaches over 80 countries with more than 9,000 interconnected payout partners. Thunes offers four key payment solutions – P2P remittance processing, corporate mass payouts, B2B payments, and digital payment services. On a daily basis, Thunes completes more than 300,000 transactions, and processes in excess of $3 Billion USD principal per annum.
Jenny Lee, Managing Partner at GGV Capital added, “We pride ourselves on the long-term success of the companies we invest in, and we were attracted by Thunes because we are aligned with their mission and see a lot of growth potential in this business. This is a great business, with a fantastic growth record, and we look forward to their next chapter.”
Recently, the company announced a collaboration with Western Union to expand payout capabilities to mobile wallets. Thunes partnered with PayPal and M-PESA to deliver alternative payment solutions that allow Kenyan consumers and businesses to take full advantage of global e-commerce. Thunes has also joined forces with Grab, South-East Asia’s leading mobile ride-hailing and payment platform, to enable real-time mass salary payouts for their drivers.
Further financial terms of this deal have not been disclosed. The deal has already secured approval from the FCA; Thunes is a Licensed Payments Service Provider (Authorised Payment Institution license in the UK, FCA #720167).
About GGV Capital
GGV Capital is a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud and Frontier Tech sectors. The firm was founded in 2000 and manages $6.2 billion in capital across 13 funds. Past and present portfolio companies include Affirm, Airbnb, Alibaba, Bitsight, ByteDance (Toutiao), Ctrip, Didi Chuxing, Grab, Gladly, Hello Chuxing, HashiCorp, Houzz, Keep, LingoChamp, Namely, Niu, Nozomi Networks, Opendoor, Peloton, Poshmark, Slack, Square, Wish, Xauto, Xiaohongshu, Yellow, YY, Zhaoyou and more. The firm has offices in Beijing, San Francisco, Shanghai, Silicon Valley and Singapore. Learn more at www.ggvc.com, @GGVCapital on Twitter or GGVCapital on WeChat.