Thunes revenue rises 33% in 2024 as it expands to US, stablecoins

You don’t build a global financial superhighway without first laying the groundwork and spending a lot of cash.

Thunes, the Singapore-based payments major, is doing exactly that in the US. To fund its expansion into the market, the firm raised US$150 million in a series D round in April 2025 – one of the largest capital raises by a fintech firm in Southeast Asia last year.

Thunes’ co-founder and CEO Peter De Caluwe / Photo credit: Thunes’ LinkedIn page

It is also partnering with companies like Yellowcard and Mastercard to boost its stablecoin capabilities.

Thunes posted a 33% jump in revenue to US$103.5 million in 2024, driven by a surge in transaction volumes across its global network.

Despite this, the firm remained in the red that year, though loss before tax narrowed from US$31.5 million to US$29.2 million, audited financial statements for TTMFS Singapore Pte. Ltd. – the legal entity of Thunes in Singapore – show.

The entity has subsidiaries in France, China, Mexico, Kenya, Hong Kong, the US, the UK, and the Philippines, including payments platform Limonetik, which it acquired in 2021.

At the time of its series D round, Thunes CEO Floris de Kort said the firm had achieved positive EBITDA and was logging a US$150 million revenue run rate – an annualized figure based on revenue of a certain period or month. He did not specify which period this was based on.

Thunes declined to comment on its financials when contacted by Tech in Asia.

The cost of scale

Founded in 2016, Thunes describes itself as a payments highway for cross-border transactions that connects mobile wallets, banks, and tech platforms. On its network are companies like Visa, Mastercard, Grab, PayPal, and Western Union, as well as 320 other payment methods.

Photo credit: Thunes’ LinkedIn page

Often, financial institutions or e-wallets aren’t connected to each other domestically or to international systems, making transactions between them slow and expensive.

Thunes is currently helmed by co-founder and CEO Peter De Caluwe. In January 2024, de Kort briefly took over as CEO, while De Caluwe focused on strategy and expansion. De Caluwe returned to the role in August 2025.

Eyes on the US market