Gabriel Budi Sutrisno · · 2 min readMarshall Wace bets $30m in Singapore’s Thunes
Photo credit: Thunes
Thunes, a global cross-border payments firm headquartered in Singapore, has raised US$30 million from London-based hedge fund Marshall Wace, according to VentureCap Insights, which tracks regulatory filings in the city-state.
Peter de Caluwe, CEO of Thunes, has confirmed to Tech in Asia that Marshall Wace is the new investor.
The funding brings the company closer to becoming a billion-dollar company, with an estimated post-money valuation now pegging at US$776 million after raising about US$166 million in equity funding.
Thunes was launched in 2019 after fintech firm TransferTo spun it off into a separate business covering cross-border payments. The B2B firm now supports 79 currencies and 300 payment methods, with clients like Uber, Grab, Deliveroo, and PayPal.
In early 2022, Thunes said it was planning to “significantly accelerate” its expansion in China, Hong Kong, Taiwan, and Macau.
Later that year, it acquired Singapore-based regtech startup Tookitaki for over US$20 million, enabling Thunes to offer anti-money laundering software. It also expanded to Saudi Arabia.
In a previous interview with Tech in Asia, Caluwe said his company was “building highways” to unify the world’s payments systems, calling Western Union, MoneyGram, and e-wallets “truck stops.”
See also: Thunes is building a superhighway to unify the world’s payments systems
Note: Companies may raise debt, which isn’t reflected in regulatory filings unless it is converted to equity. As such, financial data from filings may not reflect the full picture.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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