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Thunes raises USD 10 mln to offer financing in emerging markets

Monday 6 May 2019 13:53 CET | News

US-China-based company GGV Capital has announced leading a USD 10 million investment in Singapore-based cross-border fintech startup Thunes.

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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Keywords: Thunes, GGV Capital, venture capital, cross-border payments, B2B payments, financing, funding round, financial technology, fintech, Singapore, China, APAC, US, North America, emerging market
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Countries: World