Thunes, a global cross-border payments network for emerging economies, announced Monday (May 6) that it raised $10 million in venture funding.
In a press release, the company — formerly known as TransferTo — said the fundraising round was led by GGV Capital and will be used to grow the business across its key markets. “We are extremely proud and excited to have a top VC like GGV Capital recognize our vision and potential,” said Thunes executive chairman Peter De Caluwe in the press release. “We’ve hired a very experienced CEO, Steve Vickers, to lead Thunes’ global expansion and take the business to the next level. This funding allows us to accelerate our company mission and we are all excited for the year ahead.”
Thunes aim is to bring financial services to everyone, including the roughly 1.7 billion unbanked adults living in emerging markets that are shut out of the global economy because of a lack of access to financial services. The company’s network connects financial companies and FinTechs enabling the movement of funds to and from emerging economies. Thunes said the funding will be used to enhance its offering and platform and to speed up growth in Africa, Asia, and Latin America. The aim is to use the funding to ink strategic partnerships that will bring more payment solutions to unbanked consumers in emerging markets. Thunes said it will also open up offices in San Francisco, Dubai and Paris. Currently, the company’s global network reaches more than 80 countries and counts more than 9,000 payout partners. The company completes more than 300,000 transactions each day and processes more than $3 billion principal per annum, it said in the press release. It recently inked a deal with Western Union to bring payout to mobile wallets.
“We pride ourselves on the long-term success of the companies we invest in, and we were attracted by Thunes because we are aligned with their mission and see a lot of growth potential in this business. This is a great business, with a fantastic growth record, and we look forward to their next chapter,” said Jenny Lee, managing partner at GGV Capital, in the press release.