Thunes Pockets Over US$60 Million in Series C to Expand Global Footprintby Fintech News Singapore June 7, 2023
Global cross-border payments firm Thunes has raised more than US$60 million during its Series C funding round led by hedge fund Marshall Wace with support from Bessemer Venture Partners and a newly raised Southeast Asian private equity firm 01Fintech.
Reports of Marshall Wace’s US$30 million investment in Thunes broke out earlier in March. Prior to that, Thunes had managed to bag US$60 million in a Series B funding round in May 2021.
Peter De Caluwe, CEO of Thunes said,
“With the backing of our current investors, reinforced by Marshall Wace, Bessemer and 01Fintech, we will be able to further scale our capabilities, launch new solutions, open new segments and make the network even more robust, resilient and efficient.
We will deepen our presence in strategic markets, including China, Latin America, Middle East, enabling a better payment experience for businesses and people around the world.”
Thunes added that it will also continue to strengthen its senior leadership team with experienced industry veterans.
Founded in 2016, Thunes has quadrupled the reach of its mobile wallet network from 720 million to 3 billion accounts since its Series B. It now connects 4 billion bank accounts across the globe and has processed circa US$50 billion of transactions since inception.
Since its Series B, Thunes has also acquired the European payment methods platform Limonetik as well as regtech firm Tookitaki to help reduce the cost of transferring money across borders for customers.
Thunes had also partnered with Tencent last year in November to give its customers the ability to make fast and easy payments to WeChat users.