Behind the Investment: Thunes – Enabling the Future of Crossborder Payments


Cross border payments are critical for our global economy. From the migrant worker sending money back home to the business procuring from international suppliers, over $130T of volumes were processed in 2019. This is a massive market, but legacy infrastructure (correspondent banking) is high friction. It lacks transparency, it’s structurally expensive, and it takes far longer to process transactions. Global connectivity is only increasing. We need something stronger to power our financial infrastructure.

Fintech companies are scrambling to build solutions for the next generation of cross border payments. Rather than building out and maintaining the backend piece-by-piece, fintech leaders are increasingly looking toward APIs to power their platforms. While we’ve seen a proliferation of API-based infrastructure companies for North American and European corridors, emerging markets are being left behind.

This is where Thunes comes in. Thunes has architected a proprietary payments network with a focus on the long tail of underserved, hard-to-reach markets. Its platform powers interoperability to facilitate payments across a wide range of methods, including M-Pesa and regional mobile wallets. The Thunes API provides fintechs, money transfer operators, mobile wallet providers and payment service providers with fast time to market, reduced regulatory/financial risk, and best-in-class infrastructure. Customers can refocus their energy to front-end product design and acquisition of new payment volumes.

We first met Thunes CEO Peter De Caluwe back in October of 2020. Across years of experience as a payments operator at Naspers, Ogone, and TransferTo, we knew he and the team had the experience needed to build a leading cross-border payments infrastructure platform. We’re thrilled to partner with Thunes as they build the financial backbone of Africa, LatAm, and Southeast Asia.

Insight Partners Backs Cross-Border Payment Leader Thunes with US$60 Million Growth Round

  • Evan Fisher, Senior Associate

    Evan joined Insight in 2019. He focuses on Series A to pre-IPO investments into high-growth businesses across FinTech, crypto, internet, software, and emerging markets. Prior to joining Insight, Evan has experience working in the Investment Banking Division of Goldman Sachs and at an early stage data startup based in Tel Aviv. Evan graduated with…
  • Matthew Immerso, Senior Onsite Associate

    Matt joined Insight in 2019. Prior to Insight, he worked as a strategy consultant at McKinsey & Company in New York City. At McKinsey, he focused on clients in the private equity, aerospace, and automotive industries, covering functional areas such as commercial due diligence, pricing, and strategy. Matt graduated from The Wharton School at the…
  • Veronica Ma, Investment Associate

    Veronica joined Insight in 2018. Prior to Insight, Veronica worked in Shanghai at Kuan Capital, focusing on co-innovation ventures in the Asia Pacific. Veronica also has significant public service experience, having worked in housing accessibility and education efforts for underserved populations of southern California and New York City. Veronica…