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Singapore-based payment company, Thunes appoints new CFO

June 29, 2019 • Finance, People

Thunes appoints KB Teo as new CFO

Thunes appoints KB Teo as new CFO

Thunes, a business-to-business global payments platform that is targeted at emerging markets announced that KB Teo will be the new Chief Financial Officer. Teo enters the job with vast knowledge he has gathered over the past 25 years in the fields of corporate finance, financial planning, investor relations and risk management.

Teo was an investment banker for companies such as Deutsche Bank AG, Piper Jaffray and Goldman Sachs. He has worked with clients in places such as China and the Southeast Asian region. Teo obtained his Bachelor of Arts Degree in Politics and Economics from Oxford University. In addition to this, he has a Master’s Degree in Business Administration from the Kellogg School of Management.

“We are excited to have KB join our team during such an exciting time as we are expanding exponentially. His skill set was a perfect match for what we were looking for in a CFO and has already become an integral part of our executive team,” said CEO of Thunes Steve Vickers. “I am thrilled to join the Thunes team as they are quickly becoming leaders in the digital payments arena for emerging markets. I look forward to growing with the company and working with the team to create a new payment ecosystem for emerging markets,” Teo said about his new position as Thunes’ CFO.

Thunes rebranded from cross-border mobile top-ups and payment solutions network provider TransferTo in February 2019. This re-branding resulted in two entities: DT One and Thunes. DT One focuses on mobile top-ups and rewards while Thunes focuses on cross-border payments.

“The decision to rebrand TransferTo and separate the cross-border payments business enables both companies to accelerate growth by independently delivering more targeted solutions to customers and partners. The industry is continually evolving and we see this change as an important next step to better position ourselves to [capitalise] on the growth opportunities in this rapidly changing market,” commented DT One CEO and Thunes Executive Chairman Peter De Caluwe with regards to the rebranding.

Thunes recently announced that it had completed its $10 million Series A financing that was led by global venture firm GGV Capital. Thunes has stated that it will use the funding to improve its platform and expand its services across Africa, Latin America and Asia. Thunes currently has a global network that spans 80 countries in addition to over 9,000 payout partners.

Edited by Kojo Essah

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