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Thunes acquires majority stake in AML firm Tookitaki

Thunes acquires majority stake in AML firm Tookitaki

Singapore-based cross-border payments firm Thunes has paid $20 million for a majority stake in local anti-money laundering and compliance technology company, Tookitaki.

Adding Tookitaki to Thunes’ global network addresses a need for fintechs and financial institutions to embed automated, streamlined compliance processes within their payment processes.

Thunes customers customers include digital money transfer operators Moneygram, Western Union and Remitly; neobank Revolut; and fintech and mobile wallets Paypal, Singtel Dash, M-PESA and Airtel. The company tracks over 180 million transactions annually.

Peter De Caluwe, CEO of Thunes, says: “This alliance will give all Thunes customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders. We’ve already identified multiple ways to grow faster together, increasing the value we provide to our customers.”

Singapore-based Tookitaki, which applies machine learning to detect financial crime, was founded in November 2014, and employs over 100 people across Asia, Europe and the US. The firm says its alliance with Thunes will enable it to deepen its presence in core Apac markets, the Middle East, Europe and the Americas.

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