The funding aims to support Thunes’ mission to address the inefficiencies of moving money internationally and create a next-generation payment system that is secure, instant, and transparent.
This investment brings the total Series C funding to USD USD 72 million, coming shortly after Thunes announced an investment of USD 60 million led by London-based hedge fund Marshall Wace with support from Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech.
Thunes already has an ongoing global partnership with Visa. In October 2022, Visa and Thunes announced a strategic collaboration to extend Visa Direct’s reach to 1.5 billion digital wallets. Through this partnership, Thunes B2B payments platform offers a send-to-wallet capability to 78 digital wallet providers globally. Using an API integration with Visa Direct, Visa’s customers – 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, powered by the Thunes global network.
Officials from Thunes expressed their satisfaction in successfully concluding Series C funding with an impressive group of investors. The backing from Visa, EDBI, and Endeavor serves as a strong validation of their strategy and capabilities, granting them additional resources to develop innovative solutions for addressing challenges in the industry. By capitalising on the insights and support of their investors, Thunes aims to expand their network and enhance the cross-border payments experience for businesses and consumers.
Visa's representatives, commenting on their investment, emphasised the crucial role of digital wallets in empowering underserved communities and promoting financial inclusion by reaching previously untouched regions. Visa takes pride in participating in Thunes' Series C investment round and looks forward to continuing their collaborative efforts in providing swift and straightforward access to the financial system through digital wallets to a wider customer base worldwide.
For more information about Thunes, please check out the company profile in The Paypers Company Database.
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