Thunes, a Singapore-based fintech startup, announced that it has raised US$60 million in a series B funding round led by Africa-focused investment firm Helios Investment Partners. Checkout.com as well as existing investors GGV Capital and Future Shape also participated in the round. The funding comes after the company secured US$10 million in a series A financing led by GGV Capital. To fill these connectivity gaps, Thunes connects mobile wallet providers, banks, technology companies, and money transfer operators through its cloud-based application programming interface.
With an 80% increase in transaction volume for Q2 2020, Thunes aims to double its annual transaction volume through the expansion of its network. With the new funds, the company plans to continue developing its global network and accelerate its expansion and growth in Africa, Asia, and Latin America. It will expand its team and product offering, including business payments and collections from emerging markets.