Thunes receives Series C funding from Visa, EDBI & Endeavor Catalyst

By Gloria Mathias

Thunes, a Singapore-based B2B payment platform, has bagged Series C funding from Visa, EDBI, a Singapore-based global investor & Endeavor Catalyst, a San Francisco co-investment fund of Endeavor.

This investment brings the total Series C funding to $72 million 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.

Through this funding, the company aims to address the inefficiencies of moving money internationally and create a next-generation payment system that is secure, instant, and transparent.

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. 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.”

“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, and we are proud to be deeply embedded in this dynamic global Fintech hub,” added Caluwe.

Ruben Salazar Genovez, Global Head of Visa Direct adds, “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, and we look forward to continuing our collaboration aimed at providing more customers around the world with quick and simple access to the financial system through digital wallets.”

Paul Ng, CEO of EDBI stated, “Thunes’ commitment to addressing the business challenges of international money movement aligns well with our mission to strengthen Singapore’s position as a global innovation and financial hub. As strategic investors, we deeply appreciate the significance of nurturing Singapore-based companies like Thunes throughout their growth journey, and we are excited to provide our support in expanding their local and regional presence.”