Singapore B2B Payments Startup Thunes Secures $10M Led by GGV Capital
Cross-border B2B payments startup Thunes raises a $10 million Series A round led by GGV Capital to expand its global transaction network. The company currently processes $3 billion in annual payment volume for major clients like PayPal and Grab.
Singapore-based B2B payments startup Thunes raises $10 million in a Series A funding round led by U.S.-China firm GGV Capital. The company operates a cross-border payment network that provides backend financial infrastructure for businesses needing increased interoperability and flexibility. Thunes generates revenue by charging a fee per transaction and applying a small markup on exchange rates for international transfers.
The startup originates from a corporate split in February of this year, where parent company TransferTo divided its operations into two distinct entities. Thunes emerges as the B2B-focused spin-off utilizing TransferTo's underlying technology, while DT One handles the consumer-facing mobile top-up business. Executive chairman Peter De Caluwe reports that Thunes currently processes $3 billion in payment volumes over the past 12 months and aims to double that figure to $6 billion by the end of the year.
Thunes focuses its growth strategy on Southeast Asia and the broader Asian continent using this newly acquired capital. Despite functioning strictly as a backend service, its prominent client roster includes major financial players like Western Union, PayPal, M-Pesa, Paytm, and Grab. For ride-hailing giant Grab, Thunes powers a real-time payment system that enables millions of drivers to convert their daily earnings into digital wallet funds, bank deposits, or physical cash.