Thunes expands its Acceptance Network in five Southeast Asian countries

Wednesday 27 September 2023 13:35 CET | News

Global payments platform Thunes has announced the expansion of its Acceptance payment network to Indonesia, Malaysia, Philippines, Singapore, and Thailand.

Following this announcement, European and international merchants will be given the possibility to receive payments and transactions from clients in Southeast Asia, while settling the payment in their currency of choice. 

The expansion of the Acceptance Network is set to enable global businesses to accept payments from multiple popular local payment brands from Indonesia (DANA, OVO, QRIS, ShopeePay, or Alfamart), Thailand (Bank of Ayudhya - Krungsri, KBank, Krungthai Bank, SCB, Bangkok Bank, Rabbit LINE Pay, or PromptPay), Philippines (GCash, INstaPay, GrabPay, Maya, PESONet, Cebuana Lhuillier, or ShopeePay), Singapore (Atome, PayLater by Gran, or GrabPay), and Malaysia (GrabPay, Maybank QR, ShopeePay, DuitNow, Boost, or Touch ’n Go). 

Through the usage of the acceptance network, companies and businesses can tap into a vast digital-first customer market in order to develop connections with multiple potential clients via its payment methods available in 90 countries around the world. This will meet the needs of companies that seek to take advantage of the growing purchasing development present in the Southeast Asia region while addressing the challenges they might face at the same time. 

Global payments platform Thunes has announced the expansion of its Acceptance payment network to Indonesia, Malaysia, Philippines, Singapore, and Thailand.


Thunes’s recent strategy of development

Thunes represents a B2B firm that provides its customers and collaborators with secure and efficient payment methods and financial services. The firm announced multiple partnerships and launches in the last couple of months, covering several different geographical areas around the world. 

In July 2023, the company announced its raise of USD 72 million in its Series C, with participants such as Visa, EDBI, and Endeavor Catalyst. The funding was aimed at improving the manner in which Thunes addressed the inefficiencies of moving money internationally, as well as designing a new, efficient, and secure payment system for its clients and customers. 

The investment brought the total of its Series C funding to USD 72 million, and it followed the first round that was announced in June 2023, consisting of USD 60 million. According to the press release published at the time, the first investment was made by London-based hedge fund Marchall Wace, with the support of the Bessemer Venture Partners and the Southeast Asian private equity firm 01Fintech. 

Earlier in May 2023, Thunes partnered with Saudi Arabi-based digital financial institution D360 Bank in order to improve instant cross-border payments across the MENA region, as well as other key global markets. 

The collaboration was set to enable the bank’s clients that were based in Saudi Arabia to carry out expedited, secure, and cost-effective B2B payments, as well as international remittances throughout the world. D360 mobile application users were also given the possibility to transfer funds to their beneficiaries in the US, Europe, and the entire Middle East area in a safe and instant manner, with other additional markets following in due time.

For more information about Thunes, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: expansion, cross-border payments, cross-border ecommerce, digital payments, mobile payments, online payments, payments , B2B payments
Categories: Payments & Commerce
Companies: Thunes
Countries: Indonesia, Malaysia, Philippines, Singapore, Thailand
This article is part of category

Payments & Commerce


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