Thunes

Singapore-based Thunes is a cross-border payment infrastructure platform for banks, mobile money operators, money transfer operators, payment service providers, and enterprise payment platforms. It reduces the cost of cross-border fund transfers by eliminating third parties. The platform charges upto USD 5 for fund transfers and does not charge other fees besides transfer fees.

Thunes is regulated by the Monetary Authority of Singapore and the Financial Conduct Authority (FCA) in the UK, and has regional offices in the UK, China, the US, Dubai, and Kenya, as well as its Singapore headquarters.

The company reportedly had a mobile wallet network of around three billion accounts in June 2023 (from around 720 million in May 2021) and also connected about four billion bank accounts globally. The company further noted that it has processed transactions worth ~USD 50 billion since its inception.

Key customers and partnerships

Thunes’ platform was used by more than 260 customers and network partners across 110 countries in May 2021. Its customers include Grab, PayPal, M-Pesa, Bank of Dubai, Western Union, and NTUC Income, among others. In January 2022, the company partnered with WEF to provide its infrastructure to address systemic inequality in accessing financial services.

In June/July 2021, Thunes partnered with Nepalese payment service provider e-Sewa and Cambodia’s ABA Bank , to enable remittances to the respective countries from overseas (countries in Thunes’s network). It also acquired European payment methods platform Limonetik , to integrate into a single API the 285 local payment methods (such as wallets, installments, QR codes, etc.) Limonetik supports in over 70 countries.

Thunes subsequently partnered with True Layer in June 2022, to enable cross-border open banking payments for its British and European customers. In October 2022, Thunes partnered with “Visa Direct” to add cross-border “send-to-wallet” capabilities to 78 digital wallet providers across the globe (already integrated with Thunes).

The company also leverages its investors’ networks to expand its global presence. In May 2021, it aimed to leverage Insight Partners’ operational resources and talent network to expand its operations in North and South America, similar to how it leveraged existing investor Helios to expand to Africa and GGV Capital to widen operations in China.

Funding and financials

Thunes raised USD 72 million in Series C funding in 2023 ( initial raise in June and an extension in July ), to invest in scaling its capabilities, launching new solutions, enhancing its network, and deepening its presence in key markets such as China, Latin America, and the Middle East. The round valued the company over USD 900 million.