Insight Partners Backs Cross-Border Payment Leader Thunes with US$60 Million Growth Round
SINGAPORE and NEW YORK, May 18, 2021 /PRNewswire/ -- Thunes, the Singapore-based fintech company that connects payment players in more than 100 countries and shown a 100% increase in growth over the past year, continues to attract leading global technology venture capitalists as it seeks to expand its far-reaching network and grow its dynamic team.
In just four years, Thunes, which is regulated by the Monetary Authority of Singapore and the Financial Conduct Authority in the United Kingdom, has become a leader in the fast-evolving cross-border payments landscape.
This US$60 million Series B growth round was led by global private equity and venture capital firm Insight Partners, with participation from existing shareholders. In supporting Thunes, Insight Partners will provide financial and operational resources to promote the company's rapid and sustained growth; Insight Partners has invested in more than 400 companies worldwide and has more than US$30 billion in capital commitments.
"This latest funding recognises our outstanding success, validates our continued high-growth and massive addressable market globally, and will help us speed up investment in our operations, product and technology. I'm delighted that Insight Partners has put its trust in us; this is a truly strategic partnership," said Peter De Caluwe, CEO of Thunes.
"We are excited to add Thunes to our portfolio of high-growth ScaleUp companies. Taking an innovative approach to solving the problems of an extremely fragmented and complex global payments ecosystem, Thunes has created a unique platform that provides accessible, fast, and reliable payment solutions. We see the company as poised for massive growth as it expands its infrastructure. We are looking forward to helping them scale up," said Deven Parekh, Managing Director at Insight Partners.
Customers who have joined Thunes' global network include Southeast Asia's leading superapp Grab, online payments platform PayPal, mobile money wallet M-Pesa, Commercial Bank of Dubai, global money transfer operators Western Union and Remitly, as well as Singapore insurance firm NTUC Income.
De Caluwe added, "Thunes is leading the way in global cross-border payments and this is recognised by the calibre of our investors, starting with GGV Capital, followed by Helios Investment Partners and Checkout.com, and now Insight Partners. We're building a bigger and better payment network that interconnects financial institutions and businesses in developed and developing markets and allows any payment player to transfer money across borders instantly without the need for countless integrations to multiple systems."
"Since leading the Series A funding round in 2019, we have witnessed incredible growth from Thunes and have seen Peter's ability to attract management talent from around the world to join Thunes in fulfilling its mission and vision. We are excited about the impact they have made in addressing the many challenges in the cross-border payments ecosystem and look forward to our continued partnership as Thunes scales to greater heights," said Jenny Lee, Managing Partner of GGV Capital.
Helios Investment Partners, a well-known investor in Africa, led the Series B financing in September 2020. The current investment round brings the company's total funding to US$130 million in less than two years, with US$120 million in the last six months.
San Francisco-based Financial Technology Partners, an investment bank focused exclusively on fintech, served as financial advisor to Thunes on this round. FT Partners is known for working only with the best fintech companies.
"It was a real pleasure working with such a talented executive team to achieve this outcome," said Steve McLaughlin, Founder, CEO and Managing Partner of FT Partners. "Thunes is on an incredibly exciting journey, and the strategic support from Insight Partners will take them to the next level of success even faster."
Thunes is a B2B company that powers payments for the world's fastest-growing businesses. Corporates and financial institutions are able to move funds seamlessly, securely and cost-effectively with Thunes' well-established, reliable and far-reaching network. Thunes is used by global banks, money transfer operators, platforms and many other businesses to make payments to bank accounts, mobile wallets and cash pick-up providers around the world. Thunes' platform currently connects more than 260 customers and network partners from across 110 countries to send and receive money globally. Thunes is headquartered in Singapore with regional offices in London, Shanghai, New York, Dubai, and Nairobi.
For more information, visit www.thunes.com
About Insight Partners
Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all.
For more information, visit https://insightpartners.com