Singapore-based Thunes has extended its series C funding to $72m with investment from Visa, EDBI, and Endeavor Catalyst, the company said
EDBI, global investor in Singapore and Endeavor Catalyst, a San-Francisco co-investment fund of Endeavor have both added support to the B2B payment infrastructure platform which is seeking to address inefficiencies of moving money internationally.
It also continues Thunes’ 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 the partnership, Thunes offers a send-to-wallet capability to a range of digital wallet providers allowing Visa customers such as financial institutions and governments to enable consumers to send funds to eligible digital wallets in Africa, Asia, and Latin America.
The latest investment comes shortly after Thunes announced an investment of $60m led by London-based hedge fund Marshall Wace with support from Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech.
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, providing us with additional resources to develop innovative solutions to face industry challenges.
He added: “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.”
