Thunes secures French license for global cross-border payments

Photo credit: Thunes

Thunes, a global cross-border payments firm headquartered in Singapore, has secured a Payments Institution license from France’s Autorité de Contrôle Prudentiel et de Résolution.

This allows the company to offer cross-border payment services to non-bank financial institutions in the European Union, including those without licenses.

The development complements the firm’s existing license to conduct payment acquisition services for financial institutions in the EU. The company looks to accelerate its regional expansion with the new approval.

Established in 2016, Thunes powers payments for clients such as Uber, Deliveroo, Grab, PayPal, and Remitly. The company currently supports 80 currencies, enables payments in 130 countries, and offers 300 payment methods.

See also: Thunes is building a superhighway to unify the world’s payments systems

Last month, Thunes secured US$30 milion from English hedge fund Marshall Wace. The fundraise pegged its valuation at around US$776 million.

Note: This article was written with the help of AI. Don’t worry, humans were still involved in producing this story.