Global B2B payment platform, Thunes, has successfully augmented its series C funding round. Established with a mission to tackle the challenges of international money transfers, Thunes is developing a new-generation payment system designed to be secure, instantaneous, and transparent.
The latest funding round has amassed a total of $72m. This impressive sum is backed by three notable investors: Visa, a leading force in digital payments; EDBI, a global investor based in Singapore; and Endeavor Catalyst, a co-investment fund hailing from San Francisco.
The core of Thunes’ business lies in its innovative B2B payment platform. By offering a send-to-wallet capability to 78 digital wallet providers worldwide, Thunes has effectively expanded Visa Direct’s reach to a staggering 1.5 billion digital wallets. This achievement, powered by Thunes’ global network, allows a myriad of entities – including financial institutions, governments, neobanks, and money transfer operators – to facilitate consumer and small business fund transfers to eligible digital wallets in Africa, Asia, and Latin America.
The new funding is set to be deployed towards the expansion of the company’s network and the development of solutions to tackle industry challenges. With additional resources at their disposal, Thunes aims to provide an unparalleled cross-border payments experience for businesses and consumers alike.
Further building on their already strong relationship with Visa, Thunes foresees an even deeper collaboration as they jointly strive to create a global payment ecosystem that is inclusive, efficient, and universal. The support from Singapore-based EDBI holds significant value for Thunes, a company that takes pride in its deep roots within the dynamic Singapore FinTech hub.
Thunes CEO Peter De Caluwe said, “We’re proud to close Series C with such a strong roster of influential investors. Support from Visa, EDBI and Endeavor is a powerful endorsement of our strategy and capabilities.” He continued, “I’m delighted to see an even deeper collaboration with Visa. Together, we will pave the way towards a global payment ecosystem that is inclusive, efficient and ubiquitous.”
Ruben Salazar Genovez, Global Head of Visa Direct, stated, “Visa is proud to take part in Thunes’ Series C investment round and we look forward to continuing our collaboration aimed at providing more customers around the world with quick and simple access to the financial system through digital wallets.”
Paul Ng, CEO of EDBI, voiced his support for Thunes’ commitment to addressing international money movement challenges, saying, “As strategic investors, we deeply appreciate the significance of nurturing Singapore-based companies like Thunes throughout their growth journey.”
Previously, Thunes reported a $60m investment led by London-based hedge fund Marshall Wace, supported by Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech.
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