- Thunes secures $150m to accelerate expansion, particularly in the US and emerging markets.
- The company’s network connects over 7 billion mobile wallets and bank accounts globally, facilitating real-time cross-border payments.
What happened: Thunes raises $150M in series D to expand global payments network
Thunes, a Singapore-headquartered global payments FinTech, has raised $150 million in its largest funding round to date. The Series D funding was led by private equity firms Apis Partners and Vitruvian Partners. This capital boost is expected to propel the company’s expansion, particularly in the United States, where it is building on its recent acquisition of licences across all 50 states, pending regulatory approval.
Thunes operates a proprietary Direct Global Network that facilitates real-time cross-border payments in over 130 countries and supports more than 80 currencies. The platform connects over 7 billion mobile wallets and bank accounts, as well as providing access to 15 billion cards via over 320 payment methods. Notable clients include Uber, Deliveroo, Grab, and WeChat, indicating the platform’s strong presence in the digital payments landscape.
The funding comes on the back of impressive financial results, with Thunes reporting a revenue run-rate of $150 million and positive EBITDA. CEO Floris de Kort hailed the investment as a validation of Thunes’ strategy to balance rapid growth with financial discipline, even amidst a challenging market environment.
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Why it is important
This funding round is crucial for Thunes as it strengthens its position as a leader in global payments, particularly in emerging markets. The investment will enable the company to expand its reach and enhance its technological capabilities, particularly in areas like artificial intelligence and digital asset interoperability.
With a focus on the next billion users in emerging markets, Thunes aims to make cross-border payments faster, more secure, and cost-effective, addressing the challenges faced by businesses and consumers in less-developed regions. The firm’s growth and ability to generate positive EBITDA, even during a tumultuous funding environment, underscores its resilience and potential to set new industry standards in global payments.
