Thunes, a Singapore-based cross-border payments company, has announced raising $150 million in a Series D funding round co-anchored by global private equity firms Apis Partners and Vitruvian Partners.
Thunes plans to use the fresh capital to accelerate its global expansion, particularly in the US, where it recently secured licenses across 50 states, per the announcement.
The company also aims to further scale its Direct Global Network, which currently spans over 130 countries and supports more than 80 currencies through 550 direct integrations.
The startup, founded in 2015, provides an API and other solutions for businesses and individuals to send and receive payments globally.
Some of its clients include well-known names like Visa, PayPal, Uber Eats, Deliveroo, Revolut, Finastra, Grab, M-Pesa, Commercial Bank of Dubai, Western Union, and Remitly.
“Our performance, marked by a revenue run-rate of $150 million and positive EBITDA, demonstrates our ability to balance rapid expansion with financial prudence, even in a tumultuous market,” said Floris de Kort, CEO of Thunes.
Thunes has subsidiaries in Singapore, Hong Kong, the UK, the US, France, China, Mexico, and Kenya.
On January 25, 2022, the company acquired 55% shares of Singapore-based Tookitaki for $20 million and later bought an additional 18.53% for $17.2 million.
In 2023, Thunes issued Series C redeemable convertible preference shares amounting to $72 million. According to DealStreetAsia’s DATA VANTAGE, investors involved in the round included EDBI, Visa, Endeavor Catalyst, 01Fintech, and US-based Bessemer Venture Partners.
“Thunes has revolutionized global cross-border payments by seamlessly integrating robust technology with a disciplined financial strategy that inspires confidence,” said Apis Partners managing partner and co-founder Matteo Stefanel.
Thunes’ latest funding marks only the second time this year that a startup in Southeast Asia managed to secure a megadeal – transaction worth $100 million or more.
The last time was in February, when Singapore’s sovereign wealth fund GIC Pte injected an additional sum of $135 million into Vietnam-based paediatric and maternity clinic chain operator Nhi Dong 315.
In March, overall deal value plunged by nearly 61% month-on-month to a low of $97.5 million, according to DealStreetAsia’s proprietary data. There were 43 equity transactions during the month, compared to 32 equity deals in February that raised $247 million.
