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Visa joins Series C extension round in Thunes

Visa joins Series C extension round in Thunes

Cross-border payments company Thunes has extended its Series C funding round to $72 million with support from Visa, EDBI and Endeavour catalyst.

The additional $12 million in equity financing comes after Thunes bagged $60 million last month from London hedge fund Marshall Wace with support from Bessemer Venture Partners and Southeast Asian private equity firm 01Fintech.

News of the financing follows a hectic few months for Thunes, which recently opened an office in Beijing, struck up a partnership with TenCent for inbound remittances over WeChat, integrated with Visa Direct and ventured into Saudi Arabia through a relationship with Enjaz Payment Services.

Peter De Caluwe, CEO, Thunes, says: "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.

"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 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."

Thunes currently supports 80 currencies, enables payments to 132 countries and helps to accept 300 payment methods. The firm's customer roster runs from the likes of Uber and Deliveroo and Southeast Asia's super-app Grab to top global fintechs such as PayPal, Remitly, Finastra and Revolut.

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