Singapore’s Thunes bags $60m from Insight Partners-led round

Thunes, a payments startup that enables wallet providers, banks, and money transfer operators, said it raised US$60 million to expand its network and grow its team. VentureCap Insights pegged the Singapore-based firm’s valuation at over US$518 million post-money.

More funding details

• Lead investor: Global private equity and VC firm Insight Partners
• Other investors: Unspecified existing shareholders
• Stage: Series B

More company updates

• In addition to the capital, Insight Partners will provide Thunes with operational resources to promote its “rapid and sustained” growth.
• The investment comes after Thunes secured US$60 million in an earlier series B round to develop its global network and accelerate its expansion and growth in Africa, Asia, and Latin America.
• Thunes’ global network includes Singapore giant Grab, payments major PayPal, mobile money wallet M-Pesa, global money transfer operators Western Union and Remitly, Singapore insurance firm NTUC Income, and Commercial Bank of Dubai.
• The latest round brings Thunes’ total funding to US$130 million in less than two years, with US$120 million raised in the last six months.

For more coverage of the company, head here. You can also click on the link below to view key details about the company, as well as its funding history.