Singapore-based B2B payment infrastructure platform Thunes has secured a USD 60 million Series C funding round with futher backing from UK-based hedge fund Marshall Wace.
Thunes, founded in 2016, is set to solve the problems of global inefficiencies in moving money internationally. The company is looking to create a next-generation payment system that is able to make payments instant, quick, and secure – just like sending a text message. This would open up more opportunities for businesses and people around the world, allowing them to take advantage of international commerce.
Executives from Thunes said they want to challenge the status quo in global payments. Their ambition is to provide everyone – businesses, entrepreneurs, or individuals – with access to cross-border money movement at high speed and with absolute efficiency. In today's mobile-first world, digital wallets have revolutionised financial empowerment and rendered the traditional banking system obsolete. Thunes has already connected 3 billion wallet users in its network – almost half of the world’s population.
Thunes’ officials added that with the backing of their current investors, reinforced by Marshall Wace, Bessemer, and 01Fintech, they will be able to further scale their capabilities, launch new solutions, open new segments, and make the network even more robust, resilient, and efficient. They will deepen the presence in strategic markets, including China, Latin America, Middle East, enabling a better payment experience for businesses and people around the world.
As part of this announcement, the company also revealed it has quadrupled the reach of its mobile wallet network from 720 million to 3 billion accounts since its Series B, it now connects 4 billion bank accounts across the globe, has processed circa USD 50 billion of transactions since inception, and 90% of Thunes’ transactions are instant.
Since its Series B funding round in May 2021, Thunes has also acquired the European payment methods platform Limonetik, as well as an AI-driven Anti-Money Laundering and Compliance technology leader Tookitaki to help reduce the cost of transferring money across borders for customers.
In November 2022, the firm announced a strategic partnership with Tencent Financial Technology, Tencent’s fintech arm, giving Thunes customers the ability to make fast and easy payments to the WeChat users. In April 2023, Thunes was granted a new Payments Institution licence by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, which enables the company to send payments worldwide on behalf of its French or EU customers and partners.
In May 2023, the company also announced a partnership with Saudi Arabian digital bank D360 Bank to allow D360 Bank’s customers to make fast and secure cross-border remittances and B2B business payments, as well as to move money instantly to beneficiaries overseas using the D360 Bank’s app.
For more information about Thunes, please check out the company profile in The Paypers Company Database.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now