Cross-border payments company Thunes has secured $150m in a Series D financing round, led by private equity firms Apis Partners and Vitruvian Partners.  

Said to be the largest-ever for the company, this capital injection will help the Singapore-based payments firm expand in the US. 

The company said that the latest round marks a “significant valuation increase” over its prior round. 

This is supported by the company’s recent licences across 50 US states, which is currently pending regulatory approval.  

The investment will also enhance Thunes’ Direct Global Network, which spans over 130 countries, supports over 80 currencies, and includes more than 550 direct integrations, enabling real-time payments. 

Thunes aims to facilitate seamless cross-border payments by making diverse payment systems, including traditional, digital, and emerging currencies, interoperable.  

With technology and compliance standards, Thunes seeks to be a “go-to solution” for cross border payments, connecting wallets and partners globally. 

Proton Partners was the financial advisor for this transaction.  

Thunes CEO Floris de Kort said: “Thunes’ latest funding round is a clear validation of our strategy and our commitment to sustainable growth. 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.” 

The latest news comes close on the heels of the launch of Thunes Business Payments, a cross-border payment solution that enhances the payment experience for the firm’s Direct Global Network members.