Thunes, a Singaporean cross-border payments network that focuses on emerging economies, has bagged $10m in a Series A funding round.

The round was led by venture capital firm GGV Capital.

GGV Capital managing partner Jenny Lee said: “We pride ourselves on the long-term success of the companies we invest in, and we were attracted by Thunes because we are aligned with their mission and see a lot of growth potential in this business.”

With the infusion, Thunes aims to develop its services and speed up growth in Africa, Asia and Latin America.

The firm also plans to set up offices in San Francisco, Paris and Dubai.

Thunes has reach in over 80 countries.

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The firm facilitates P2P remittance processing, corporate mass payouts, B2B payments, as well as digital payment.

Thunes executive chairman Peter De Caluwe said: “We are extremely proud and excited to have a top VC like GGV Capital recognise our vision and potential.

“We’ve hired a very experienced CEO, Steve Vickers, to lead Thunes’ global expansion and take the business to the next level.

“This funding allows us to accelerate our company mission and we are all excited for the year ahead.”

Recently, Thunes inked a partnership agreement with Western Union.

The alliance will enable Western Union customers to transfer funds directly into mobile wallets globally.