Singapore-based cross-border payments firm Thunes has secured a payment institution licence in France to carry out merchant acquisition services.
The licence was issued by Autorité de Contrôle Prudentiel et de Résolution (ACPR), the French central bank’s regulatory unit.
This development follows Thunes’ purchase of French payment methods platform Limonetik and its $60m Series B growth round earlier this year.
The licence includes multiple commercial payment transaction types. These cover accepting, processing, and settlement of payments for Thunes’ clients.
Additionally, Thunes can now offer a range of payment services, including global payment collection from alternative payment methods including wallets and instalments.
Thunes Collections CEO Christophe Bourbier said: “Thunes Collections business was born out of Europe, so it is especially exciting for us to be able to offer a full suite of payment services in this region.
“And as we expand our payment services globally, we will keep enhancing our licence portfolio to more locations, offering more and more merchants, marketplaces and payment service providers the ability to integrate an end-to-end payment platform, and giving them the flexibility of accepting any of the 285 local and alternative payment methods that we currently provide.”
Thunes is already licenced by the UK’s Financial Conduct Authority and the Monetary Authority of Singapore.
The firm expects the new approval to ‘significantly’ extend its licencing coverage, and enable it to partner with global merchants and payment service providers across Europe.
Furthermore, the firm’s customers are expected to see a simplified collections process, and improved payments capabilities.
Thunes plans to expand its merchant acquisition capabilities across the European Union.