Thunes closes Series C funding round, secures more than $60m in total
Singapore-based business-to-business (B2B) payment infrastructure firm Thunes has raised a total of more than $60 million in its Series C funding round.
Thunes CEO Peter De Caluwe
The Series C was led by UK hedge fund Marshall Wace, which contributed $30 million to the round, as revealed back in March. San Francisco-based Bessemer Venture Partners and new Southeast Asian private equity firm 01Fintech have provided the rest of the cash.
Founded in 2016, the company’s tech is currently being used to power payments for fintechs including PayPal, Remitly, Finastra and Revolut, and it claims to have processed around $50 billion worth of transactions since its inception.
Alongside the new funding, the company says it has now “quadrupled the reach of its mobile wallet network from 720 million to three billion accounts” since its $60 million Series B in May 2021, and currently connects four billion bank accounts across the globe.
The company’s payment infrastructure platform supports 80 currencies, enabling businesses to make payments to 130 countries and accept 300 different payment methods.
Speaking on the funding announcement, Thunes CEO Peter De Caluwe says the paytech will use the new cash injection to “further scale our capabilities, launch new solutions, open new segments and make the network even more robust, resilient and efficient”.
He adds the firm will also look to “deepen our presence in strategic markets, including China, Latin America and the Middle East”.
Thunes recently acquired French payments platform Limonetik and financial crime detection platform Tookitaki.
It was also recently selected by D360 Bank, a new digital bank in Saudi Arabia, to power B2B business payments and international remittances.
