Funding Success: Thunes Raises $72M in Series C Round Backed by Visa, EDBI, and Endeavor Catalyst

July 22, 2023
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Key Takeaways:

  1. Thunes raises its Series C funding to a total of $72M, with prominent investors Visa, EDBI, and Endeavor Catalyst joining the funding round.
  2. The company collaborates with Visa, expanding Visa Direct’s reach to 1.5 billion digital wallets and offering send-to-wallet capability to 78 digital wallet providers globally.
  3. Thunes, headquartered in Singapore, is proud to be part of the city’s dynamic fintech hub and is committed to addressing international money movement’s inefficiencies.

Series C Funding Success: A Boost for Thunes’ Global Payment Infrastructure

Thunes, the international B2B payment infrastructure platform, recently announced an expansion in its Series C funding round, raising the total to a formidable $72M. This investment is backed by three renowned investors—Visa, a pioneer in digital payments; EDBI, a global investment firm based in Singapore; and Endeavor Catalyst, a San Francisco-based co-investment fund.

This additional funding comes on the heels of Thunes announcing a $60M investment led by London-based hedge fund Marshall Wace, and supported by Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech. The infusion of capital bolsters Thunes’ mission to eliminate the inefficiencies inherent in international money transfers, aiming to establish a next-generation payment system that combines security, immediacy, and transparency.

Thunes and Visa: A Partnership Expanding Reach

Thunes has already established a strong global partnership with Visa. The two companies announced in October 2022 a strategic collaboration to expand Visa Direct’s reach to 1.5 billion digital wallets globally. Through the Thunes B2B payments platform, 78 digital wallet providers now offer send-to-wallet capabilities. With an API integration with Visa Direct, Visa’s diverse customer base—encompassing financial institutions, governments, neobanks, and money transfer operators—can enable consumers and small businesses to send funds to eligible digital wallets in Africa, Asia, and Latin America, all powered by the Thunes global network.

Peter De Caluwe, CEO of Thunes, expresses his excitement: “We’re proud to close Series C with such a strong roster of influential investors. 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.”

Thunes: A Singapore-Based Success

While Thunes operates on a global level, the company values its Singaporean roots. De Caluwe emphasizes the importance of the supportive ecosystem the city provides: “Though our business has a global nature, Singapore continues to serve as our home-base and we are proud to be deeply embedded in this dynamic global fintech hub. This supportive ecosystem provides us great benefits, with a market for top talent, an excellent infrastructure, and a progressive regulator at the forefront of financial innovation.”

About Thunes

Founded in 2016, Thunes is a global B2B payment infrastructure platform that powers payments for rapidly expanding businesses across the globe. The platform serves clients ranging from gig economy giants like Uber and Deliveroo to fintech leaders such as PayPal, Remitly, Finastra, and Revolut. With its easy and simple connection, Thunes enables consumers and businesses to send and receive payments in every corner of the world.

Thunes supports 80 currencies, enables payments to 132 countries, and assists in accepting 300 payment methods. The company set an international benchmark for sustainable compliance after acquiring a controlling stake in the leading anti-money laundering and compliance platform company, Tookitaki, in April 2022.

Thunes is headquartered in Singapore, with regional offices in London, Paris, Shanghai, Beijing, Dubai, Hong Kong, Barcelona, Miami, and Nairobi. The company’s current investors include Visa, EDBI, Endeavor Catalyst, Marshall Wace, Bessemer Venture Partners, 01Fintech, Future Shape, Insight Partners, Checkout.com, Helios Investment Partners, and GGV Capital.

With this impressive $72M in Series C funding, Thunes is poised to continue its innovative work, revolutionizing the way money moves across international borders, contributing to a more inclusive, efficient, and ubiquitous global payment ecosystem.

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