May 6, 2019
Thunes, a Singapore-based cross-border payments firm for emerging markets, has raised $10 million in Series A funding led by GGV Capital, according to a press release.
The funding will be used to accelerate the company's business across Africa, Asia and Latin America.The firm rebranded in February from its formal name TransferTo Mobile Financial Services Ltd. to the trading name of Thunes.
The company, which currently has offices in London, Dubai and Miami, said it plans to open offices in San Francisco and Paris to enable closer access to customers and partners.
"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 with the business," GGV Capital Managing Partner Jenny Lee said in the release. "This is a great business with a fantastic growth record, and we look forward to their next chapter."
Thune completes more than 300,000 transactions per day and processes more than $3 billion in volume per annum, the release said. In March, the company announced a deal with Western Union to allow payouts to be sent directly to mobile wallets.
Topics: Mobile Apps, Mobile Payments, Money Transfer / P2P, Region: APAC
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