Singapore-based B2B payment infrastructure platform Thunes has raised $72 million in Series C funding, led by Visa, EDBI Pte Ltd, and Endeavor Catalyst.
The funding will help Thunes to expand its global network and offer businesses and consumers an unparalleled cross-border payments experience. The company will also use the funds to develop innovative solutions to face industry challenges.
Founded in 2016, Thunes currently has 3 billion mobile wallet accounts and 4 billion bank accounts connected through its network of partners. The company covers some 300 payment methods across 80 currencies and allows payments in 132 countries, with collections in 70 markets. To date, it’s processed more than $50 billion in transactions.
In April 2022, Thunes acquired a controlling stake in Tookitaki, a leading anti-money laundering and compliance platform company. This acquisition has enabled Thunes to enhance its compliance, anti-fraud, and anti-money laundering capabilities, setting an international benchmark for sustainable compliance.
“We’re proud to close Series C with such a strong roster of influential investors,” said Peter De Caluwe, CEO of Thunes. “Support from Visa, EDBI and Endeavor is a powerful endorsement of our strategy and capabilities, providing us with additional resources to develop innovative solutions to face industry challenges.”
“Digital wallets play a key role in providing underserved communities with greater economic empowerment and financial inclusion by penetrating previously unreached regions,” said Ruben Salazar Genovez, Global head of Visa Direct. “Visa is proud to take part in Thunes’ Series C investment round and we look forward to continuing our collaboration aimed at providing more customers around the world with quick and simple access to the financial system through digital wallets.”
“Thunes’ commitment to addressing the business challenges of international money movement aligns well with our mission to strengthen Singapore’s position as a global innovation and financial hub,” said Paul Ng, CEO of EDBI. “As strategic investors, we deeply appreciate the significance of nurturing Singapore-based companies like Thunes throughout their growth journey, and we are excited to provide our support in expanding their local and regional presence. We anticipate a close collaboration with Peter and his team as we work together to achieve even greater milestones.”
With this latest funding round, Thunes is well-positioned to continue its rapid growth and become a leading global player in the cross-border payments space. The company’s mission is to make cross-border payments instant, cheaper, and more secure for businesses and consumers around the world.
Here are some of the key benefits of using Thunes for cross-border payments:
- Instant payments: Thunes’ network of partners allows for instant payments in most cases.
- Lower fees: Thunes’ fees are significantly lower than those charged by traditional banks.
- More secure: Thunes’ network is highly secure, with compliance and anti-fraud measures in place.
- Global reach: Thunes covers 132 countries and 80 currencies.
If you’re looking for a fast, affordable, and secure way to make cross-border payments, then Thunes is a great option. The company is well-positioned to become a leading player in the global cross-border payments space.
