Cross-border payments firm Thunes has purchased European payment methods platform Limonetik to accelerate the rollout of payment collections globally.
Financial terms of the deal were not revealed.
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It complements the firm’s existing cross-border payments solutions and will enable payments for businesses in 70 countries via a number of local payment methods, including mobile wallets, payment by instalments (BNPL), and QR code payments.
The solution will be named as Thunes Collections.
This acquisition follows Thunes’ $60m Series B growth round led by venture capital firm Insight Partners, with participation from existing shareholders.
Thunes CEO Peter Caluwe said: “Thunes is recognised for our far-reaching global network and brilliantly simple payments solution. We are excited to further strengthen our offering with a global collections capability made possible through the acquisition of Limonetik.”
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By GlobalDataFounded in Paris in 2008, Limonetik provides an alternative payment methods platform for international merchants and marketplaces.
Said to process over €2bn a year, Limonetik serves more than 14,000 merchants, marketplaces and fintech players. These include Uber Eats, Deliveroo, CMA – CGM, Veepee, Worldline – Ingenico, Amadeus, ACI, and Natixis.
Led by CEO and co-founder Christophe Bourbier, Limonetik has a workforce of 50.
As part of the deal, these employees will move to Thunes.
Commenting on the development, Bourbier said: “Limonetik has been driving the transformation of collections with its platform-as-a-service (PaaS) model, while Thunes possesses a powerful global payments network. We are incredibly excited to extend our combined payments and collections solutions across the world.”
The Singapore-based B2B cross-border payments network’s total capital has grown to $130m in less than two years.
