Thunes hits $900m valuation after raising $12m from Visa and others

Photo credit: Thunes

Thunes, a global cross-border payments firm headquartered in Singapore, has raised an additional US$12 million from Visa, EDBI, and Endeavor Catalyst for its series C round, valuing it at US$900 million.

This brought Thunes’ total funds raised for the round to US$72 million. It aims to use the additional funding to expand its network.

Funding details

• Funding amount: $12,000,000
• Investors: EDBI Pte Ltd, Visa, Endeavor Catalyst
• Stage: Bridge
• Valuation: $900,000,000
• Source

Founded in 2016, Thunes’ platform allows businesses and their customers to send and accept payments globally. It powers payments for clients such as Grab, PayPal, and Uber. In addition to Singapore, Thunes has regional offices in markets like London, Shanghai, Beijing, Dubai, Hong Kong, and Miami.

Peter De Caluwe, CEO of Thunes, shared that while the company is global by nature, it is still “deeply embedded” in Singapore, which he called a “dynamic global fintech hub.”

A recent report by PricewaterhouseCoopers, Singapore Fintech Association, and the Singapore Economic Development Board found that the city-state “serves as an excellent bridge” for companies to reach neighboring countries.

In April, Thunes secured a payments institution license from France’s Autorité de Contrôle Prudentiel et de Résolution, which lets the company to offer cross-border payment services to non-bank financial institutions in the European Union.

See also: SEA fintech sector hits funding slump in H1 23, but insurtech holds up

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