Thunes Extends Series C Fundraise to US$72M, Upsizing from Initial US$60Mby Fintech News Singapore July 18, 2023
Thunes, a global B2B payment infrastructure platform, announced the extension of its Series C with an additional US$12 million from Visa, Singapore-based global investor EDBI and San-Francisco’s Endeavor Catalyst. This brings its Series C up to US$ 72 million.
Just last month, Thunes had announced an investment of US$60 million led by London-based hedge fund Marshall Wace with support from Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech.
Thunes already has an ongoing global partnership with Visa with a strategic collaboration to extend Visa Direct’s reach to 1.5 billion digital wallets. Through this partnership, Thunes B2B payments platform offers a send-to-wallet capability to 78 digital wallet providers globally.
Using an API integration with Visa Direct, Visa’s customers – financial institutions, governments, neobanks and money transfer operators – can enable consumers and small businesses to send funds to eligible digital wallets in Africa, Asia, and Latin America, powered by the Thunes global network.
“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, providing us with additional resources to develop innovative solutions to face industry challenges.
By leveraging the insights and support of our investors, we will expand our network and offer businesses and consumers an unparalleled cross-border payments experience. I’m delighted to see an even deeper collaboration with Visa.”
said Peter De Caluwe, CEO, Thunes.
“Thunes’ commitment to addressing the business challenges of international money movement aligns well with our mission to strengthen Singapore’s position as a global innovation and financial hub.
As strategic investors, we deeply appreciate the significance of nurturing Singapore-based companies like Thunes throughout their growth journey, and we are excited to provide our support in expanding their local and regional presence.”
said Paul Ng, CEO of EDBI.