Thunes extends series C funding to $72m with Visa

The extra $12m comes shortly after Thunes announced an investment of $60m

Thunes, a payments platform, has announced a series C extension to $72m with participation from Visa.  

The fresh funding will be used to support the Singapore-headquartered fintech’s mission to address the “inefficiencies” of moving money internationally and to create a “next-generation payment system that is secure, instant and transparent”.  

Singapore-based global investor EDBI and Endeavor Catalyst, a San Francisco co-investment fund of Endeavor, also participated.  

The extra $12m comes shortly after Thunes announced an investment of $60m, led by London-based hedge fund Marshall Wallace with support from Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech.  

Founded in 2016, Thunes currently supports 80 currencies and enables payments to 132 countries. 

The fintech’s payment infrastructure is used by Uber, Deliveroo, PayPay, Remitly, Finastra and Revolut.  

Visa has an ongoing relationship with Thunes. In 2022, the two companies collaborated to extend Visa Direct’s reach to 1.5b digital wallets.  

Through Thunes, Visa’s customers—financial institutions, governments and digital banks—can enable consumers and small businesses to send funds to eligible digital wallets globally.

On the new investment, Peter De Caluwe, chief executive officer of Thunes, said: “By leveraging the insights and support of our investors, we will expand our network and offer businesses and consumers an unparalleled cross-border payments experience.  

“I’m delighted to see an even deeper collaboration with Visa. Together, we will pave the way towards a global payment ecosystem that is inclusive, efficient and ubiquitous. 

“And as a Singapore-based company, EDBI’s backing is also incredibly important to us. Though our business has a global nature, Singapore continues to serve as our home-base and we are proud to be deeply embedded in this dynamic global fintech hub.  

“This supportive ecosystem provides us great benefits, with a market for top talent, an excellent infrastructure, and a progressive regulator at the forefront of financial innovation.” 

On Visa’s investment, Ruben Salazar Genovez, global head of Visa Direct, added: “Digital wallets play a key role in providing underserved communities with greater economic empowerment and financial inclusion by penetrating previously unreached regions.  

“Visa is proud to take part in Thunes’ series C investment round and we look forward to continuing our collaboration aimed at providing more customers around the world with quick and simple access to the financial system through digital wallets.” 

Image: © Marcus Millo via Canva

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.