Thunes has added three prominent investors to its Series C funding round. Visa is joined by EDBI, a Singapore-based global investor and Endeavor Catalyst, a San-Francisco co-investment fund of Endeavor. The new funding will support Thunes’ stated mission to address the inefficiencies of moving money internationally. And boost Thunes aim to create a next-generation payment system that is secure, instant and transparent.
This investment brings the total Series C funding to $72m. It follows Thunes announcing an investment of $60m led by London-based hedge fund Marshall Wace. This funding was supported also by Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech.
Thunes B2B payments platform: serving 78 digital wallet providers
Thunes already has an ongoing global partnership with Visa. In October 2022, Visa and Thunes announced a strategic collaboration to extend Visa Direct’s reach to 1.5 billion digital wallets. Through this partnership, Thunes B2B payments platform offers a send-to-wallet capability to 78 digital wallet providers globally.
Using an API integration with Visa Direct, Visa’s customers – financial institutions, governments, neobanks and money transfer operators – can enable consumers and small businesses to send funds to eligible digital wallets in Africa, Asia, and Latin America, powered by the Thunes global network.
Peter De Caluwe, CEO, Thunes, said: “We’re proud to close Series C with such a strong roster of influential investors. Support from Visa, EDBI and Endeavor is a powerful endorsement of our strategy and capabilities. This provides us with additional resources to develop innovative solutions to face industry challenges. Leveraging the insights and support of our investors, we will expand our network. We will 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.”
The key role of digital wallets in serving underserved communities
“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. 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.”
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. We look forward to continuing our collaboration. This aims to provide more customers with quick and simple access to the financial system through digital wallets.”