There was another jump forward in the global payments market this week, as Singapore-based cross-border payments leader Thunes announced its planned acquisition of Paris-based payments platform Limonetik. The acquisition has also spawned a revision of the Thunes corporate look, including a new logo and website to better reflect the four-year-old firm’s market position and expanding service offerings.
The goal, as Chief Operating Officer Tamer El-Emary told PYMNTS in a conversation shortly after the news was announced, is to expand beyond the firm’s historical purview of helping firms transact in the $10 – $20,000 range into offering an end-to-end payments solution that will allow consumers to both pay and get paid.
“The Limonetik acquisition fast-tracks our plan to provide that high-growth customer with a one-stop value proposition,” El-Emary said. “That includes not only the ability to send money across borders, but also the ability to collect money in markets where they have businesses.”
A Natural Expansion
Thunes is already powering payments all around the world, with a global network designed to offer a seamless cross-border payment experience in over 100 countries spanning more than 60 currency types, many of which are rather exotic. The firm stands by that global payment network, said El-Emary, and the degree to which it can ensure that good funds are safely delivered in emerging markets that other payment platforms tend to ignore.
But as pleased as Thunes is with its solution, there is more to transnational relationships than being able to pay into a market – it’s equally important to be able to be paid out. The Limonetik acquisition allows Thunes to round out its offering with a best-in-class solution for getting paid – alongside their payout product.
“It’s a natural expansion of our business. And through this end-to-end solution, collecting funds globally will be just as easy, regardless of customer locations,” El-Emary noted. “Combining Thunes with Limonetik brings together two complementary businesses to provide a true end-to-end solution for customers.”
An Opening Path Forward
Thunes is still a young firm – it entered the market only four years ago, a result of financial tech company TransferTo splitting into two companies: Thunes for business-to-business solutions and DT One, which focuses on consumer services like mobile top-ups and data bundles.
But new though it is, the team at Thunes has been avid in fundraising, clocking a $60 million Series B round last fall and a second $60 million round in May. In total, the firm has collected $130 million in venture capital funds – and as this week’s activity proves, Thunes has plans for that money.
However, El-Emary noted, the money raised is only as useful as what the firm does with it to grow the business, increase sales activity and develop technology for the consumers who need access to it the most worldwide.
Cross-border payments is a $16 trillion dollar market and growing, said El-Emary. That means the opportunity is only going to grow. To keep up in a rapidly shifting environment, the firm’s offering will have to grow along with it.
“We’re committed to providing complementary services for solving our client’s pain points, particularly as they engage in cross-border activity,” said El-Emary. “The goal is to allow them to focus on what they do best, which is their business. We will take care of payments, whether it’s collections that are difficult to get to markets or moving money in a more effective and efficient way. We hope to solve for two key pain points under one solution.”