Thunes powers global money transfers with $60m in Series C funding

Thunes powers global money transfers with $60m in Series C funding

Thunes, a global B2B payment infrastructure platform, has closed its Series C funding round on $60m. 

Founded in 2016, the company aims to tackle the global inefficiencies present in international money transfers.

The funding was led by London-based hedge fund Marshall Wace. Additional support came from prominent backers such as Bessemer Venture Partners and the recently formed Southeast Asian private equity firm 01Fintech.

The mission of Thunes revolves around developing a novel payment system that enables instantaneous, secure, and swift money transfers, equating to the simplicity of sending a text message. This revolutionary approach will unlock vast opportunities for businesses and individuals worldwide, facilitating seamless participation in global commerce.

The newly raised capital will be channelled towards achieving the ambitious vision of Thunes. Peter De Caluwe, CEO, Thunes, shed light on the company’s plans for the investment. “With the backing of our current investors, reinforced by Marshall Wace, Bessemer, and 01Fintech, we aim to scale our capabilities, introduce new solutions, explore fresh segments, and enhance the robustness, resilience, and efficiency of our network,” De Caluwe said.

Further, Thunes plans to deepen its footprint in strategic markets, including China, Latin America, and the Middle East. This would enrich the payment experience for businesses and individuals in these regions.

Alongside the funding announcement, Thunes shared a plethora of achievements. The company has expanded the reach of its mobile wallet network from 720 million to three billion accounts since its Series B funding round. Furthermore, it now connects to four billion bank accounts globally, has processed approximately $50bn in transactions since inception, with 90% of these transactions being instantaneous.

Thunes’ growth trajectory includes several strategic partnerships and acquisitions. Notably, the company has procured European payment methods platform Limonetik, as well as Tookitaki, an AI-driven Anti-Money Laundering and Compliance technology leader. Moreover, in April 2023, Thunes was granted a new Payments Institution licence by the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, further enhancing its ability to facilitate global payments.

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