Thunes provides payment solutions for companies and services that deal with consumers and need new features, increased interoperability and flexibility for users. It makes money on a fee basis per transaction and, in the case of cross border, a small markup on exchange rates using mid-market rates for reference.
The company was founded in February of this year when TransferTo, a company that provided services like mobile top-up cross-border split itself in two. Thunes is the B2B play that uses TransferTo’s underlying technology, while DT One was spun out to cover the consumer business of top-up and mobile rewards. It is not a consumer-facing brand, but its biggest customers include Western Union, PayPal and Mpesa — where it has worked to connect the two payment interfaces in Africa — and India’s Paytm and ride-hailing company Grab, which it helps to pay drivers.
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