The funding forms part of an ongoing Series C round, with potential plans of raising another USD 30 million as part of the round.
Officials from Thunes said that they are unable to comment on any other potential investors or the total size of the investment round, however, it adds that conversations with global investors are ‘constant and ongoing’ and that Thunes is seeing ‘strong interest’ as it continues engaging investors.
In March 2023, Thunes has enabled cross-border payments platform CurrencyFair to provide money transfer services in 25 new currencies, including the Mexican peso. The collaboration follows CurrencyFair’s goal of expanding its money transfer currency offering in current markets by over 100% as part of its global expansion plans.
With this development, CurrencyFair consumer and business customers are enabled to send, exchange, and transfer money into an increased number of countries, being able to leverage and benefit from the company’s competitive rates, fast, reliable transfers, and ‘excellent’ customer service.
Another expansion of cross-border payments involving Thunes is the partnership with Tencent Financial Technology, announced in November 2022, which will allow members of Thunes’ global network to send international payments to Weixin users, thus offering them fast and easy access to the Chinese market.
Weixin, the domestic version of the internationally known WeChat, facilitates one of China's most popular payment methods Weixin Pay, with the majority of Weixin and WeChat’s 1.3 billion users concentrated in China. Current and new members of Thunes' global network can send payments to Weixin users in China, creating additional revenue opportunities for them: from a Chinese engineer in East Africa looking to send money to family back home, to young professionals working in the US wanting to transfer money to their parents in China.
For more information about Thunes, please check out the company profile in The Paypers Company Database.
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