Singapore fintech startup Thunes acquires European payments platform

Singapore-based fintech startup Thunes announced it has acquired Limonetik, a European payments platform, to set up an integrated payments solution for businesses called Thunes Collections.

Thunes CEO Peter De Caluwe / Photo credit: Thunes

The solution will provide businesses in 70 countries with over 285 local payment methods including mobile wallets, installment payment (buy now, pay later), and QR code payments, among others. As part of the deal, 50 Limonetik employees will move to Thunes.

Fintech company TransferTo spun off Thunes in 2019 to cover its cross-border payments business, which was launched in 2016. Thunes connects mobile wallet providers, banks, technology companies, and money transfer operators through its cloud-based application programming interface (API).

Meanwhile, Limonetik, led by former Capgemini executive Christophe Bourbier, processes over 2 billion euros (roughly US$2.4 billion) every year by partnering with payment service providers and financial institutions.

“We believe collecting funds globally should be easy regardless of customer location,” the companies said in a joint statement. “There are over 400 alternative payment methods, and this diversity brings integration complexity and back-office costs that Limonetik’s offering resolves with a single API integration.”

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Limonetik’s platform is used by over 14,000 merchants, marketplaces, and fintech players, including Deliveroo, Uber Eats, Veepee, Amadeus, and Natixis, among others.

In May 2021, Thunes raised US$60 million in its series B financing round led by venture capital firm Insight Partners, pushing the company’s total funding to US$130 million in less than two years.