THUNES

Thunes grew out of TransferTo, a B2B payments company focused on mobile top-ups and cross-border airtime transfers that Peter De Caluwe had helped build over many years. In 2016, the payments network side of the business was spun out and rebranded as Thunes — a name derived from 'thune,' French slang for money.

De Caluwe had spent years building relationships with mobile operators and payment networks across Africa and Asia. The insight was that these networks existed in total isolation.

A mobile wallet in Kenya could not talk to a bank account in Poland. A gig economy platform could not pay a driver in Vietnam.

Thunes set out to connect all of them.

Thunes is entirely B2B — it has no consumer-facing product. The clients are banks, money transfer operators, payment companies, and gig economy platforms that need to pay workers in emerging markets.

Thunes charges fees on each transaction routed through its network. The more connections in the network, the more routes Thunes can offer, and the more volume flows through it.

It is a classic network business: value grows as the network grows. Each individual transaction margin is small, which means volume is everything.

The strategic moat is the integration work — once a mobile wallet or bank is connected, switching costs are high.

The Thunes Network is the core product — access to 130+ payment systems across 80+ countries, letting businesses send money to almost any wallet, bank account, or cash pickup point globally. The Business Dashboard gives clients a single interface to manage multi-country payment operations without building country-by-country integrations.

The API suite allows technical integration for fintechs and platforms embedding international payment capabilities. A dedicated product for gig economy platforms handles mass worker payouts at scale across multiple currencies.

Thunes grew by doing the unglamorous work of signing individual network agreements across Africa, Asia, and Latin America. Every mobile wallet, every bank, every payment system requires a separate integration, a separate compliance review, and a separate commercial agreement.

They built this network one connection at a time. The strategy does not create viral growth or press coverage — it creates deep moats.

Once you are integrated into 130 networks, your replacement cost is enormous. They have leaned into the gig economy tailwind: as platforms like Uber, Grab, and Rappi needed to pay workers in local currencies across emerging markets, Thunes became the infrastructure solution of choice.

Compliance is the wall Thunes keeps running into. Every new country, every new network, every new payment type requires regulatory approval, local banking relationships, and anti-money laundering compliance infrastructure.

In emerging markets especially, regulations change frequently and enforcement is unpredictable. They also face competition from well-funded entrants: Ripple's payment network targets similar corridors, and large correspondent banks are finally treating the cross-border problem seriously with products like SWIFT gpi.

Thunes has a head start, but the market is moving fast and the incumbents have more capital.

G Squared led the Series B in 2020, bringing institutional fintech credibility. GIC, Singapore's sovereign wealth fund, invested — a significant endorsement for a Singapore-based infrastructure company and a signal of long-term backing.

Helios Investment Partners brings deep Africa expertise and relationships that matter for emerging market networks. The mix of global VC, sovereign wealth, and regionally specialised capital reflects Thunes' positioning as global infrastructure rather than a consumer fintech product.