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Thunes gets USD 60 mln funding round from Insight Partners

Wednesday 19 May 2021 12:07 CET | News

Thunes has raised a USD 60 million growth round led by Insight Partners.

According to TechCrunch, Insight is one of the world’s largest venture capital firms, and is known for working closely with growth-stage companies, helping them expand through its ScaleUp programme. The round included participation from existing shareholders. Thunes’ last funding announcement was in September 2020 a USD 60 million Series B led by Helios Investment Partners. Other investors include GGV Capital and Checkout.com.

Furthermore, the company's officials stated that Thunes looks for active investor who can help it work with banks and regulators in new markets and connect it with potential clients. Helios, for instance, focuses on Africa-based companies and Thunes used part of its funding from the firm to build teams in Kenya, Tanzania, Zimbabwe, and Ethiopia. Likewise, GGV Capital, which led its Series A, helped Thunes’ operations in China.

When Insight approached Thunes, the company was not planning to raise more funding. However, the initiative came after Thunes doubled their workforce, and everything 'just became bigger and more scaled'. Consequently, Thunes decided that getting extra funding from a solid investor makes is needed.

Insight’s portfolio also includes Twitter and Shopify and its ScaleUp programme focuses on supporting software companies with high growth potential. For example, it recently became the first outside investor in Octopus Deploy, which had been bootstrapped for almost a decade, to help grow its enterprise market over the next five to 10 years. 

Consequently, Insight’s resources, including its talent network, will help Thunes expand in North and South America, build its engineering and product teams, and decide what new services to offer customers, TechCrunch stated.


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Keywords: Thunes, funding, expansion, cross-border payments, online payments
Categories: Payments & Commerce
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Countries: World
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Payments & Commerce