Thunes raises USD 150 mln in Series D funding for global expansion

The Series D round saw participation from Apis Partners and Vitruvian Partners, two globally recognised private equity firms with strong track records in financial services and emerging markets. Their backing is expected to further strengthen Thunes’ position in the competitive cross-border payments landscape.

Thunes plans to use the newly raised capital to fuel its expansion in the US. This growth strategy is supported by recent regulatory advances, including the acquisition of money transfer licences across 50 states, pending final regulatory approvals.

The funding will also improve Thunes’ Direct Global Network, which currently spans over 130 countries, supports more than 80 currencies, and integrates with 550 financial institutions, mobile wallets, and payment providers. The network enables real-time payments across a range of complex and emerging markets, positioning Thunes to capture a larger share of the cross-border payments market, projected to reach USD 150 trillion.

Thunes funding journey

Thunes has secured multiple funding rounds to support its global expansion and technological advancements. In May 2019, the company raised USD 10 million in its Series A funding round, led by GGV Capital. This initial investment was crucial for establishing the foundation of its global payment infrastructure, particularly focusing on building connections with mobile wallets, banks, and remittance services across emerging markets. The Series A funds enabled Thunes to develop a platform capable of facilitating cross-border payments, positioning the company as a key player in the global B2B payments sector.

Building on this success, Thunes raised USD 60 million in its Series B funding round in September 2020, led by Helios Investment Partners, with additional support from Checkout.com, GGV Capital, and Future Shape. This capital was strategically deployed to accelerate expansion into high-growth regions such as Africa, Asia, and Latin America. These markets were identified as key areas for cross-border payment growth, and the funds enabled Thunes to strengthen its global network, which now spans over 100 countries and supports more than 60 currencies.

In June 2023, Thunes secured an additional USD 72 million in Series C funding, led by Marshall Wace, with participation from investors such as Visa, EDBI, and Endeavor Catalyst. This round allowed Thunes to further scale its operations and solidify its presence in strategic markets, including China, Latin America, and the Middle East. The funds also enabled key acquisitions, such as the European payments platform Limonetik and the regtech firm Tookitaki, which strengthened its compliance and AML capabilities.