Thunes secures $12 million in the Visa-supported extension of its Series C funding round

Thunes, a fast-growing cross-border payments company, has announced an extension of its Series C funding round. The round has received support from Visa as well as Endeavour catalyst and EDBI. Subsequently, it has secured an additional $12 million in equity financing.

Thunes’ funding round extension

Close to four months ago, Thunes raised $30 million from UK hedge fund, Marshall Wace in its Series C funding round. As at the round’s first close in June, the amount stood at $60 million. With the recent extension, the funding round has closed at $72 million.

Similar to the other developments and partnerships it has been involved in since its launch in 2019, the amount will boost its growth in the global payments space. In particular, the funds from the latest funding round will aid the company increase the providers and customers on its platform. The Series C funding round has placed the firm’s value at over $900 million.

As one of the fast-growing cross-border payments company, Thunes facilitates payments in 132 countries and supports 80 currencies. Its list of customers includes big companies like Uber, PayPal, Revolut, and Remitly.

In line with its mission of expanding globally, the cross-border payments company partnered with Tencent in November 2022. The collaboration allows Thunes’ users to make payments to Weixin customers, giving them easy and quick access to the broad Chinese market. Besides, it expanded into the Saudi Arabian market by partnering with D360 Bank in late May.

With regard to the extension of the Series C funding round, Thunes’ CEO, Peter De Caluwe stated, “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…”.