Venture Capitalists are very interested in cross-border fintech companies. Recently, most of the capitalists are spotted showing interest in these companies. Likely, the organization which has backed some of the best deals like Xiaomi, Square, Airbnb, etc. has led $10M for a Singapore based Fintech startup Thunes.
The company hasn’t disclosed the details of other investors who have participated in Series A funding. Thunes has a unique concept and is one of a kind startup. The company focuses on B2B companies which provide a payment solution for companies. The companies who deal with customers and are in need of new features with their payment mode can adopt Thunes. It collects a certain amount in the form of fees for every transaction they make. If the transaction is a cross-border one, then they take up a minimum markup on the exchange rates.
TransferTo was broken into two this February and resulted in Thune’s formation. Thunes was the underlying technology in TransferTo earlier, and now it is offering its services to some of the famous companies out there. The DT One is the second company that was formed after TransferTo’s split.
This is the first outside investment for Thunes as TransferTo used to fund it earlier. Peter De Caluwe, CEO of Thunes has stated that the company has already reached $3 billion as payment and its goal is to reach $6 billion. According to him, they are very near to this goal.
Thunes is now offering its services to Central America, Asia, North America, Latin America, Europe, and Africa. The company’s main focus is on Southeast Asia as it is a wider continent which helps them with growth. As of now the company is working with Mpesa, Paypal and Western Union in Africa, PayTm and Grab in India.