Thunes

Corporate brand

Global payment infrastructure provider connecting businesses and financial institutions to cross-border payout and collection networks.

Last updated August 24, 2026

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Overview

Thunes is a Singapore-based financial technology company focused on cross-border payment infrastructure. Its platform connects financial institutions, payment service providers, merchants and other businesses with local payment systems in multiple markets. Rather than operating primarily as a consumer-facing remittance brand, Thunes provides business-to-business connectivity that allows clients to send, receive, collect and settle funds through a range of local rails. The company’s network supports transfers to bank accounts, mobile wallets, stablecoin wallets and cash-pickup or cash-out locations. This model is intended to address the fragmentation of international payments, where banks, wallets, payment processors and local regulatory systems often use different technical standards and settlement processes. Thunes provides application programming interfaces and related infrastructure intended to simplify access to these payment methods for global businesses and financial institutions. Thunes originated from TransferTo, a Singapore mobile-payments company established in 2005. In 2016, TransferTo was reorganized into two businesses. DT One retained the mobile top-up and rewards activities, while Thunes was created to concentrate on international payments. Thunes subsequently broadened its network beyond mobile-related transactions, supporting remittances, marketplace and e-commerce payments, merchant collections, financial disbursements and other cross-border use cases. The company has expanded both organically and through acquisitions. It acquired Limonetik, a Paris-based online-payment platform, in 2021. In April 2022, it acquired a majority stake in Tookitaki, a Singapore regtech company, to strengthen compliance, transaction monitoring and anti-money-laundering capabilities. In June 2025, Thunes announced the acquisition of Tilia, a transaction intended to expand its global payments infrastructure and service capabilities. Thunes has raised private capital from investors including Helios Investment Partners, Checkout.com, GGV Capital, Bessemer Venture Partners, Marshall Wace, Apis Partners and Vitruvian Partners. Its financing rounds have supported international expansion, network development and investment in regulated payment capabilities. A 2023 Series C was led by Marshall Wace, while a 2024 Series D was led by Apis Partners and Vitruvian Partners, with expansion in the United States and other markets identified as a key objective. The company operates within a regulated framework in several jurisdictions. In Singapore, it is regulated by the Monetary Authority of Singapore as a Major Payment Institution. It is also described as an Authorised Payment Institution in the United Kingdom, holds a payment institution licence from France’s Autorité de Contrôle Prudentiel et de Résolution, and holds a Money Service Operator licence in Hong Kong. In the United States, it obtained money-transmitter licences in all 50 states. These permissions are significant to its positioning because cross-border payment infrastructure depends on local licensing, compliance controls and relationships with regulated financial institutions. Thunes has announced or maintained partnerships involving Mastercard, Circle, Visa and PayPal. Its work with Circle concerns cross-border settlement using the USDC stablecoin, extending the company’s network beyond traditional bank and wallet rails. In 2025, it announced a launch in Morocco and cooperation with Ripple, and later announced a partnership with Ecobank to support payment connectivity in Africa. Thunes remains a private, active company headquartered in Singapore, with a business model centered on regulated, multi-rail payment connectivity rather than a single consumer payment product.

History

Thunes traces its origins to TransferTo, a Singapore-based mobile-payments company founded in 2005. TransferTo originally focused on mobile-related international transactions, including mobile top-ups and associated services. In 2016, the business was reorganized into two separate companies. DT One continued the mobile top-up and rewards activities, while Thunes was established around the cross-border payments business. Following the separation, Thunes developed a broader payment-infrastructure model. Its network was designed to connect banks, payment service providers, merchants and mobile-wallet operators, allowing clients to access local payout and collection methods through a single international platform. The company’s supported channels include bank accounts, digital wallets, stablecoin wallets and cash outlets. This expansion positioned Thunes as an intermediary and infrastructure provider for remittances, e-commerce, marketplace payments, business disbursements and other international transfers. The company’s growth strategy has combined financing, partnerships and acquisitions. In 2020, Thunes completed a Series B financing round led by Helios Investment Partners, with participation from Checkout.com and GGV Capital. The round provided capital for network expansion and continued development of its cross-border payment technology. In 2021, Thunes acquired Limonetik, a Paris-based online-payment platform, broadening the capabilities available to its merchant and digital-commerce customers. In April 2022, Thunes acquired a majority stake in Tookitaki, a Singapore regtech company. The transaction strengthened the company’s focus on compliance and anti-money-laundering controls, which are central to operating a cross-border payment network across multiple regulatory jurisdictions. Thunes later raised additional private capital. Marshall Wace led a Series C financing in 2023, followed by a Series D in 2024 led by Apis Partners and Vitruvian Partners. The later financing supported international expansion, including the company’s stated plans for the United States and other markets. Thunes has also expanded its network through commercial and technology partnerships. It has announced relationships involving Mastercard, Circle, Visa and PayPal. Its collaboration with Circle enables cross-border settlement using USDC, linking traditional payment infrastructure with stablecoin-based settlement. In 2025, Thunes announced the acquisition of Tilia, further strengthening its payments infrastructure and services. It also announced a launch in Morocco and cooperation with Ripple, followed by a partnership with Ecobank in Africa. Regulatory permissions form a significant part of Thunes’s operating model. In Singapore, the company is regulated by the Monetary Authority of Singapore as a Major Payment Institution. It is also described as an Authorised Payment Institution by the United Kingdom’s Financial Conduct Authority, holds a payment institution licence in France from the Autorité de Contrôle Prudentiel et de Résolution, and holds a Money Service Operator licence in Hong Kong. In the United States, the company obtained money-transmitter licences in all 50 states. These permissions enable it to provide or facilitate payment services while meeting local requirements for safeguarding, compliance, customer due diligence and transaction monitoring. Peter De Caluwe, identified as one of Thunes’s co-founders, serves as chief executive officer. Thunes remains a privately held and active company headquartered in Singapore. Its present identity is that of a global B2B payment infrastructure provider rather than a conventional consumer wallet or card brand.

2025
Tilia acquisition announced
[1]Thunesen.wikipedia.org
Thunes announces the acquisition of Tilia to reinforce its global payments infrastructure and services.
2024
Series D financing
[1]Thunesen.wikipedia.org
Apis Partners and Vitruvian Partners lead a Series D financing round supporting international expansion.
2023
Series C financing
[1]Thunesen.wikipedia.org
Marshall Wace leads a Series C financing round for Thunes.
2022
Majority investment in Tookitaki
[1]Thunesen.wikipedia.org
Thunes acquires a majority stake in Tookitaki to expand compliance and anti-money-laundering capabilities.
2021
Acquisition of Limonetik
[1]Thunesen.wikipedia.org
Thunes acquires the Paris-based online-payment platform Limonetik.
2020
Series B financing
[1]Thunesen.wikipedia.org
Thunes secures Series B funding led by Helios Investment Partners, with participation from Checkout.com and GGV Capital.
2016
TransferTo is reorganized
[1]Thunesen.wikipedia.org
TransferTo is divided into DT One, focused on mobile top-ups and rewards, and Thunes, focused on cross-border payments.
2005
TransferTo is founded
[1]Thunesen.wikipedia.org
TransferTo, the Singapore mobile-payments company from which Thunes originated, is established.

Products and positioning

A regulated B2B payment infrastructure network that connects global businesses and financial institutions with local banking, wallet, cash and digital-asset payment rails.

Payment infrastructure · 2016
Cross-border payment network
Thunes’s core network connects businesses, banks, payment service providers and wallet operators to international payout and collection channels. It supports transfers into bank accounts, mobile wallets, stablecoin wallets and cash outlets, allowing clients to access local payment methods across multiple jurisdictions without building every bilateral connection themselves.
Software and payment connectivity
Business payment APIs
Thunes provides API-based connectivity for businesses and financial institutions that need to initiate, receive or manage cross-border payments. The APIs are intended to abstract differences among local payment systems and support use cases such as remittances, merchant payouts, e-commerce transactions and corporate disbursements.
Digital-asset payment infrastructure
Stablecoin settlement
Through its collaboration with Circle, Thunes supports cross-border settlement using USDC. The capability extends its payment-network model to stablecoin-based settlement while remaining connected to broader banking, wallet and payout infrastructure.
Regtech and financial crime compliance · 2022
Compliance and transaction-monitoring capabilities
Thunes expanded its compliance technology capabilities through its majority investment in Tookitaki. The resulting capabilities support the controls required for cross-border payments, including anti-money-laundering processes and transaction monitoring across multiple markets.

Brand decisions

2025
Acquire TiliaM&A
Background
Thunes continued to expand the infrastructure and services available through its global payments network.
Action taken
The company announced the acquisition of Tilia.
Aftermath
The announced transaction was intended to strengthen Thunes’s global payments infrastructure and service offering.
Source
2022
Take a majority stake in TookitakiM&A
Background
Cross-border payment operations require stronger compliance, anti-money-laundering and transaction-monitoring systems.
Action taken
Thunes acquired a majority stake in Singapore regtech company Tookitaki.
Aftermath
The transaction strengthened Thunes’s internal and customer-facing compliance capabilities.
Source
2021
Acquire LimonetikM&A
Background
Thunes sought to broaden its online-payment and merchant infrastructure capabilities.
Action taken
Thunes acquired Limonetik, a Paris-based online-payment platform.
Aftermath
The acquisition expanded the capabilities available to Thunes’s digital-commerce and payment-network customers.
Source
2016
Separate cross-border payments from mobile top-upsStrategy
Background
TransferTo’s activities were divided between mobile top-ups and rewards on one side and cross-border payments on the other.
Action taken
The cross-border payment business was organized under the Thunes brand, while DT One continued the mobile top-up and rewards activities.
Aftermath
The separation gave Thunes a distinct identity and allowed it to develop as a broader B2B payment infrastructure provider.
Source

Recent events

2025
Thunes announces acquisition of Tilia[1]Thunesen.wikipedia.org
M&A
Thunes announced the acquisition of Tilia to strengthen its global payment infrastructure and broaden its service capabilities.
2025
Thunes launches in Morocco and begins cooperation with Ripple[1]Thunesen.wikipedia.org
Other
Thunes expanded into Morocco and announced cooperation with Ripple as part of its continuing international payment-network development.
2025
Thunes partners with Ecobank[1]Thunesen.wikipedia.org
Other
Thunes announced a partnership with pan-African banking group Ecobank to support cross-border payment connectivity in African markets.
2024
Thunes announces Series D financing[1]Thunesen.wikipedia.org
Other
A Series D round led by Apis Partners and Vitruvian Partners supported Thunes’s expansion, including its stated growth objectives in the United States and other markets.
2023
Thunes announces Series C financing[1]Thunesen.wikipedia.org
Other
Thunes secured a Series C financing round led by Marshall Wace as it continued expanding its payment network and international operations.
2022
Thunes acquires majority stake in Tookitaki[1]Thunesen.wikipedia.org
M&A
Thunes acquired a majority stake in Singapore regtech company Tookitaki to expand its compliance, anti-money-laundering and transaction-monitoring capabilities.
2021
Thunes acquires Limonetik[1]Thunesen.wikipedia.org
M&A
Thunes acquired Paris-based online-payment platform Limonetik, adding capabilities relevant to online payments and merchant payment infrastructure.
2020
Thunes raises Series B financing led by Helios Investment Partners[1]Thunesen.wikipedia.org
Other
Thunes secured Series B funding led by Helios Investment Partners, with participation from Checkout.com and GGV Capital. The financing supported development of its international payment network and expansion into additional markets.

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