Visa joins Thunes’ Series C investment round

Ellie Duncan
17 Jul 2023

Visa has joined B2B payment infrastructure platform Thunes’ Series C funding round, alongside two other new investors, to bring the total raised to $72 million.

As well as Visa, Thunes has added Singapore-based EDBI and Endeavor Catalyst, a San Francisco co-investment fund of Endeavor, to its Series C round.

In June, Thunes announced that it had raised $60 million through a Series C funding round led by London-based Marshall Wace and with participation from Bessemer Venture Partners and 01Fintech.

Peter De Caluwe, chief executive officer of 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.”

The investment from Visa marks a continuation of a strategic collaboration that began in October 2022, when the two companies partnered to extend Visa Direct’s reach to 1.5 billion digital wallets.

“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,” said De Caluwe.

Through its partnership with Visa, Thunes B2B payments platform offers a send-to-wallet capability to 78 digital wallet providers globally.

Using an API integration with Visa Direct and powered by Thunes’ global network, Visa’s customers can enable consumers and small businesses to send funds to eligible digital wallets in Africa, Asia, and Latin America.

Ruben Salazar Genovez, global head of Visa Direct, said: “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.”

Given that Thunes is headquartered in Singapore, De Caluwe called EDBI’s backing “incredibly important”.

“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. This supportive ecosystem provides us great benefits, with a market for top talent, an excellent infrastructure, and a progressive regulator at the forefront of financial innovation,” he added.

EDBI’s chief executive officer Paul Ng added: “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.”