The new licence will allow the firm to make payments on behalf of its French or EU clients and partners all over the world. Thunes may now provide worldwide cross-border payment services to non-bank financial institutions in the EU, including those who do not have a payments licence.
Thunes' recent regulatory permission in France supplements the company's existing licence, which allows it to provide payment acquisition services to merchants, marketplaces, and payment service providers for regulated financial institutions in the region. Thunes may accelerate its development with the new licence by onboarding new enterprises of all sizes in the EU and opening up new pathways for diverse use cases.
Thunes' licence was granted after a rigorous application and review procedure that demonstrated the company's complete compliance with stringent AML (anti-money laundering) legislation and standards regulating payments operations. This is hardly surprising given that Thunes bought a majority share in Tookitaki in April 2022, enabling the company's enhanced compliance, anti-fraud, and AML capabilities.
Thunes is now expanding globally, thanks to a USD 30 million investment from UK-based hedge fund Marshall Wace. The fundraising is part of a continuing Series C round, with hopes to raise an additional USD 30 million as part of the round.
However, even before the funds were raised, Thunes announced plans to extend its operations in China, Hong Kong, Taiwan, and Macau in early 2022. The company increased its focus on forming local alliances with digital payment providers in order to enable companies and consumers to make payments to and from China, including support for business payments, worldwide collections, and the creation of virtual accounts.
Later that year, Thunes intensified its service growth throughout the Middle East and North Africa (MENA) area. Thunes established an office in the Kingdom of Saudi Arabia as part of the expansion and employed a new country head. Thunes' commitment to the Kingdom of Saudi Arabia, the Gulf Cooperation Council (GCC), and the region is shown in this growth. Thune's focus is on extending global access to banking and payment services for more people.
Payment platforms must spread their services regionally to mitigate regional volatility, remain nimble and adapt to the ever-changing payments market, and strive to make their solutions as efficient as possible. The same is true for merchants, who should always keep their eyes on the horizon and be on the lookout for profitable green fields. Furthermore, businesses should prioritise payment optimisation for the greatest acceptance rates and lowest costs, as well as establish a local shopping experience for global consumers by offering appropriate local payment options and selling in the customer's native currency. In an unpredictable situation, it is critical to concentrate on what you can control.
Furthermore, it is critical to be able to provide consumers with payment alternatives that they prefer. This might be in the form of a payment or the sort of finance that payment possesses. Customers must also be able to pay in the currency of their choice. Merchants must satisfy all of these needs for their consumers while also considering the requirements for how they wish to conduct their own enterprises.
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