Singapore-based fintech startup Thunes and Malaysian insurtech firm PolicyStreet have announced raising a total of over $60 million and $15.3 million, respectively, confirming earlier reports by DealStreetAsia.
Thunes raises over $60m total in Series C round
Thunes, a Singapore-based fintech startup, announced raising over $60 million in its Series C funding round, which was anchored by London-based hedge fund Marshall Wace and backed by Bessemer Venture Partners and 01Fintech, a new Southeast Asian private equity firm.
The announcement confirms DealStreetAsia’s report that the fintech startup, which operates a global B2B cross-border payments network, had raised $25 million more in its Series C round.
It secured $30 million from Marshall Wallace in March and regulatory filings showed it was raising $5 million more, bringing the round’s total to $60 million.
Prior to the Series C round, Thunes, which is regulated by the Monetary Authority of Singapore and the Financial Conduct Authority in the United Kingdom, had raised over $130 million in total.
Established in 2015, the Singapore-based company has hubs in Shanghai, Nairobi, London, Paris, Dubai, New York, and Miami. It has 180 APIs and works with both traditional and digital banks, as well as digital wallets and money transfer operators.
Khazanah leads $15.3m Series B funding in PolicyStreet
Malaysia’s sovereign wealth fund Khazanah Nasional Berhad has anchored the $15.3-million Series B round in insurtech startup PolicyStreet, according to an official announcement.
Khazanah made the investment through its Dana Impak mandate, a 6-billion ringgit ($1.3 billion) fund launched under Khazanah’s Advancing Malaysia strategy.
DealStreetAsia first reported in May, based on the company’s filings with Singapore’s Accounting Corporate and Regulatory Authority (ACRA).
The round was also backed by Malaysian investor Sungai Kinabatangan Investments Limited, return backers Altara Ventures, Spiral Ventures, and Gobi Partners.
The digital insurance platform had last raised $6 million in a Series A funding round co-led by Altara Ventures, Auspac, and Gobi Partners in September 2021.
PolicyStreet works with over 40 life, general, and takaful insurance providers globally to offer products and services, including embedded insurance, customised employee benefits and financial advisory services.