rewrite this title Thunes Raises $150 Million for US Expansion – Finovate

Thunes raised $150 million in Series D funding from Apis Partners and Vitruvian Partners.

The funds more than double its previous 2023 round.

Thunes plans to use the funding to fuel US growth, drive AI innovation, and expand interoperability with the digital asset ecosystem, positioning itself against competitors like Wise and Airwallex.

Cross-border payments company Thunes has raised $150 million in Series D funding. The investment comes from private equity firms Apis Partners and Vitruvian Partners.

The new funding is not only Thunes’ largest round to date, but it is also more than double the $72 million the company landed in 2023. The company will use today’s funds to fuel its US expansion. Thunes has obtained licenses in all 50 US states, subject to regulatory approval. Establishing a strong footprint in the US will open up new opportunities to serve fintechs, e-commerce platforms, and financial institutions seeking faster global transaction capabilities.

“Thunes’ latest funding round is a clear validation of our strategy and our commitment to sustainable growth,” said Thunes CEO Floris de Kort. “Our performance, marked by a revenue run-rate of $150 million and positive EBITDA, demonstrates our ability to balance rapid expansion with financial prudence, even in a tumultuous market. This new capital enables us to extend our Direct Global Network, including in the United States, drive technological innovation, from Artificial Intelligence to digital asset ecosystem interoperability, and deliver superior value to the Members of our proprietary Network. In a challenging funding environment, our progress and resilience set a new industry standard.”

Thunes was founded in 2016 as TransferTo and rebranded to Thunes in 2019. The company offers a cross-border payments and collection network that supports 80 currencies, enables payments to 130 countries, and offers 320+ payment acceptance methods. Unlike traditional cross-border payments providers that often rely on correspondent banking networks, Thunes offers a direct, proprietary global network. This delivers faster, cheaper, and more transparent transactions and allows it to compete against players like Wise and Airwallex.

Among the company’s use cases are cross-border payments, business payments, virtual payments, and virtual account issuance. Headquartered in Singapore, Thunes also has offices in London, Paris, Shanghai, New York, Dubai, Nairobi, Arizona, and Barcelona.

The fundraise comes at a tough time in the venture capital climate, where funding rounds, especially of this size, have become increasingly rare. Thunes’ ability to secure $150 million highlights a warming investor climate, as well as increased interest in cross-border payment infrastructure.

“Thunes has revolutionized global cross-border payments by seamlessly integrating robust technology with a disciplined financial strategy that inspires confidence,” said Apis Partners Managing Partner & Co-Founder Matteo Stefanel. “The company’s impressive growth record and positive EBITDA performance, even in these unprecedented times, clearly underpin the trust of its Members and their ability to scale effectively. We have been closely monitoring Thunes’ remarkable journey and are consistently impressed by the team’s innovative approach, operational rigor, and strategic foresight. Thunes’ pursuit of excellence redefines industry standards and sets a high bar for reliability and performance in global payments. Lastly, we are especially proud of the work Thunes is doing in accelerating access to affordable financial services across the next billion users in emerging markets, and for Apis to play a small part in continuing this journey.”

Photo by Pixabay

Views: 34