Thunes nets $150m series D to expand in US

Thunes, a Singapore-based cross-border payments platform, has raised US$150 million in its series D funding round.

This round is reportedly the largest in the company’s history and included participation from private equity firms Apis Partners and Vitruvian Partners.

The funds will be used to expand Thunes’ operations in the United States, where it has acquired licenses in all 50 states, pending regulatory approval.

The company also plans to invest in its global payment network, which operates in over 130 countries, supports more than 80 currencies, and connects with 550 payment systems.

🔗 Source: Thunes

🧠 Food for thought

1️⃣ Cross-border payment firms defy funding winter through profitability focus

Thunes’ $150 million Series D funding at an increased valuation stands out in what the company itself describes as “one of the most challenging capital markets environments of recent times.”

This success contrasts with broader fintech funding trends, where investment has become more selective and focused on sustainable business models rather than just growth potential.

The company’s emphasis on being “profitable and maintaining strong growth momentum” signals a significant shift in investor priorities from the previous era when growth at all costs was often rewarded.

This aligns with broader 2023 cross-border payment funding trends, where investors demonstrated greater caution amid high inflation and macroeconomic challenges, prioritizing profitability over pure growth metrics 1.

The $150 million revenue run-rate highlighted by CEO Floris de Kort reflects the company’s ability to balance expansion with financial discipline—a quality increasingly valued by fintech investors.

2️⃣ Regulatory navigation becoming key competitive advantage in global payments

Thunes’ announcement specifically highlights its recent acquisition of licenses across all 50 U.S. states as a strategic asset, demonstrating how regulatory compliance has evolved from a mere requirement to a competitive advantage.

This move is particularly significant given the exceptionally complex U.S. regulatory environment for fintechs, characterized by a patchwork of federal and state agencies with overlapping jurisdictions 2.

Cross-border payment companies face particularly stringent compliance requirements, with regulators focusing heavily on anti-money laundering (AML) and consumer protection measures—areas where enforcement has intensified, with U.S. financial regulators imposing $3 billion in fines in 2022 alone 3.