Thunes hits record growth in Q1 2020
The leading payments network for emerging markets sees major service uptake and usage
SINGAPORE, May 21, 2020 /PRNewswire/ -- Thunes, the leading payments network for emerging markets, hits record growth in 2020. Thunes, whose core competency is to help businesses seamlessly move funds across borders, has heavily invested in its team, product development, and worldwide coverage to improve its performance.
Each member of Thunes' network is now able to reach mobile wallets, banks and cash pick up agents in more than 100 countries, and have access to new features that help financial institutions and digital businesses unlock opportunities worldwide. The company connects more than 300 players in emerging markets enabling seamless cross-border payments from and to developed markets.
Its value proposition has attracted major financial institutions and digital businesses looking for plug and play cross-border solutions. Despite international transactions stalling, Thunes saw a 63% year-on-year volume increase for the first quarter of 2020. The premise of the company is to offer the same level of convenience, efficiency, and instantaneity the world knows with services such as direct messaging into the payment space.
The COVID-19 pandemic has impacted the use of cash and accelerated the rise of digital payments. As such, Thunes' focus on interconnecting mobile wallets to global financial services has helped the company and its partners maintain their transaction volume. Additionally, Thunes recently entered new markets such as Australia, Ghana, India, Mexico, and Uzbekistan, thereby unlocking more opportunities for its partners to reach new destinations and customers. The business payment solution the company launched at the end of 2019, coupled with strategic alliances formed with partners in the trade industry such as Global eTrade Services (GeTs), have also contributed to its performance growth.
Since the company started its payment journey in 2016, it has spent the past several years developing an unparalleled network to link emerging market players with developed countries within a real-time cross-border intelligent platform. In 2017, Thunes launched its mass-payout solution and joined forces with Grab to facilitate the on-demand disbursements for their drivers across South East Asia. Last year, the company secured a Series A venture funding of US$ 10 million.
"Our solutions are sought-after, and that is the result of a great team working relentlessly to innovate and resolve the challenges that our partners in emerging economies face. With over 300 connections, we've enabled businesses from more than 100 emerging markets to participate in the global economy - from which they were previously excluded," noted Peter De Caluwe, CEO of Thunes.
Thunes is a B2B cross-border payments network that enables corporates and financial institutions to move funds and provide financial services in emerging markets. Our global platform connects mobile wallet providers, banks, technology companies and money transfer operators in more than 100 countries and 60 currencies. Thunes is headquartered in Singapore with regional offices in London, Shanghai and New York.
For more information, visit www.thunes.com
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