Thunes, a payment company based in Singapore, has announced that it raised $150 million in its Series D funding round. Global private equity firms Apis Partners and Vitruvian Partners led the funding.
The company said on Monday that it plans to use this funding to speed up its growth in the United States. This is backed by its recent acquisition of licenses in all 50 U.S. states, though it still needs regulatory approval.
The funds will help Thunes grow its Direct Global Network, which currently covers over 130 countries, supports over 80 currencies, and has over 550 direct connections. This allows them to make real-time payments in many different and complex markets.
As cross-border payments grow towards a $150 trillion market, Thunes said it is in a strong position to keep gaining a bigger market share.
Using advanced technology, high industry standards, and a smooth customer experience, Thunes said it keeps making different payment systems work together smoothly, including traditional, digital, and new types of currencies.
Thunes aims to reach the “next billion users” in growing markets. The company wants to be the top choice for fast, secure, and affordable cross-border payments, connecting billions of wallets and thousands of partners around the world.
“Thunes’ latest funding round is a strong confirmation of our strategy and our focus on long-term growth.”
“Our performance, with a revenue run-rate of $150 million and positive earnings before interest, taxes depreciation, and amortization (EBITDA), shows that we can grow quickly while staying financially responsible even in a challenging market,” said Floris de Kort, CEO of Thunes.
De Kort, CEO of Thunes, said, “This new funding allows us to expand our Direct Global Network, including in the United States, boost technological innovation, from artificial intelligence to connecting digital assets, and provide better value to the members of our network.”
The company said it is now ready to set new standards for global cross-border payments creating new opportunities for growth and innovation in the fast-changing fintech world.
Matteo Stefanel, Managing Partner & Co-Founder at Apis Partners, said, “The company’s impressive growth and positive EBITDA, even during these challenging times, show that its members trust them and have the ability to grow successfully.”
He mentioned that the firm has closely followed Thunes’ impressive journey and is always impressed by the team’s creative approach strong operations and forward-thinking strategy.
“Thunes’ commitment to excellence sets new industry standards and raises the bar for reliability and performance in global payments,” said the company.
“Finally, we’re very proud of the work Thunes is doing to make affordable financial services available to the next billion users in growing markets, and we’re happy that Apis can play a small role in supporting this journey,” he added.
Tassilo Arnhold, Partner at Vitruvian Partners, said the firm is proud to work with Thunes’ visionary team as they create a platform that connects traditional banking, mobile wallets, and digital assets into one seamless solution.
“At Vitruvian Partners, we value strategic vision, resilience, and a commitment to innovation, all of which Thunes shows in everything it does. They continually prove they can handle tough market conditions while setting new standards for efficiency and transparency,” said Arnhold.
“We are excited to support Thunes in their mission to set and go beyond industry standards, changing the future of global cross-border payments,” he added.
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