What Thunes does

Thunes is a Singapore-headquartered cross-border payments infrastructure company founded in 2016, operating a Direct Global Network that connects over 720 member institutions across 140 countries, 90 currencies, and 220 payment methods. The network reaches 12 billion mobile wallet, stablecoin wallet, and bank account endpoints plus 15 billion cards, with 85% of payments achieving immediate settlement via direct local clearing integrations spanning SEPA, SPEI, PIX, ACH, RTP, and other regional rails. Thunes serves financial institutions, money transfer operators, mobile network operators, gig economy platforms, and digital asset companies through a portfolio of Pay-to solutions (Mobile Wallets, Banks, Cards, Stablecoin Wallets) and Accept solutions (Mobile Wallets, Bank Payments, Digital Vouchers, BNPL), accessible via two production REST APIs (Money Transfer API v2 and Accept API v1) or SWIFT connectivity.

The technology stack rests on three proprietary platforms: the Direct Global Network as the connectivity backbone, the AI-powered SmartX Treasury System for real-time FX optimization and liquidity management across 90 currencies, and the Fortress Compliance Platform providing risk management, sanctions screening, and embedded regulatory controls across 50 licensed markets. Thunes is licensed in 50 markets globally, including 50 US Money Transmission Licenses held via the acquired Tilia entity (renamed Thunes Financial Services LLC, NMLS ID 2450368), and holds PCI DSS and ISO 27001 certifications. The company has executed three acquisitions — Limonetik (2021, European payment methods), Tookitaki (2022, AML platform, $20M majority stake), and Tilia (2024, US licensing) — and raised approximately $352M in cumulative venture and growth-equity funding across rounds led by Insight Partners, Helios Investment Partners, Marshall Wace, and most recently Apis Partners and Vitruvian Partners (Series D, 2025).

Thunes generates revenue primarily through transaction-based fees on cross-border payments routed through its Direct Global Network, including FX spreads across 90 currencies, per-transaction fees on stablecoin and digital asset settlement, and acceptance-side fees via Thunes Collections (formerly Limonetik) covering 285+ local payment methods across 70+ countries. The go-to-market is enterprise-led through direct field sales targeting tier-one banks, MTOs, telecom operators, and large platforms, supplemented by a self-serve API developer portal for mid-market fintechs, a partner programme for resellers and integrators, and SWIFT-embedded distribution reaching 11,500 financial institutions. Named enterprise customers include Absa Group, First Abu Dhabi Bank, ICBC, Western Union, Remitly, WorldRemit, Uber, Grab, Payoneer, Airbnb, Deliveroo, and MTN MoMo, with 2026 industry recognition including Juniper Research Platinum and Gold Awards and the MPE Best Cross-Border Payment Solution award.

Name

Thunes

Legal name

TTMFS Singapore Pte Ltd

Website

https://thunes.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Thunes is a Singapore-headquartered cross-border payments infrastructure company operating a Direct Global Network that connects 720+ member institutions across 140 countries and 90 currencies, enabling real-time payouts to mobile wallets, bank accounts, stablecoin wallets, and cards for banks, MTOs, telecom operators, and global platforms.

Ownership category

akta.pro rank

Product category

Cross-Border Payments Infrastructure

NAICS

Securities and Commodity Exchanges (52321), Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199), Wholesale-Computers & Peripheral Equipment & Software (5045)

akta.pro primary industry

Cross-Border FX, Multi-Currency & Treasury for Payments (FSAGABAK)

akta.pro secondary industries

Remittance & Cross-Border Payment Rails (SWIFT, Local Clearing, RTP Connectivity) (FSAGAKAH), Crypto Payments & Stablecoin Settlement Platforms (BPAMAFAL)

Keywords

• Cross-border payments
• Payment infrastructure
• Money transfer network
• Mobile wallet payouts
• FX treasury management

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Cross-border transaction fees: Thunes generates revenue primarily by charging per-transaction fees on cross-border payments routed through its Direct Global Network. Pricing is transparent with 100% disclosed FX and fees, including markups on FX conversion, payout commissions, and corridor-specific service charges. The model is usage-based with revenue scaling directly with transaction volume.
2. FX spread revenue: Revenue from foreign exchange margin applied on currency conversions across 90 supported currencies, facilitated by the SmartX Treasury System's real-time FX optimization.
3. Collections and acceptance fees: Acceptance-side revenue from merchants and platforms using Thunes Collections (formerly Limonetik) to accept 285+ local payment methods across 70+ countries, charged per successful transaction.
4. Stablecoin and digital asset settlement fees: Per-transaction fees on stablecoin payouts (USDC/USDT) and digital asset settlement services provided via integrations with Circle, Ripple, and direct blockchain rails.
5. Licensed payment infrastructure services: Compliance-as-a-service and licensing-supported services leveraging Thunes' 50 regulatory licenses and PCI DSS / ISO 27001 certifications, including branded payouts and compliance orchestration for partners operating under Thunes' regulatory umbrella.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Core offering

Thunes operates the Direct Global Network, a payments infrastructure platform connecting 720+ members (banks, mobile wallets, payment service providers, money transfer operators, and platforms) across 140 countries. It enables real-time cross-border payments to bank accounts, mobile wallets, cards, and stablecoin wallets, supported by SmartX Treasury for FX/routing and Fortress Compliance for regulatory controls.

Product overview

Thunes operates a unified cross-border payments infrastructure platform built on its flagship Direct Global Network, which connects over 720 member institutions across 140 countries, 90 currencies, 220 payment methods, and 145 mobile wallet brands, reaching 12 billion mobile/stablecoin wallet and bank account endpoints plus 15 billion cards. The platform is organized as a core network plus specialized solution modules: the Direct Global Network is the connectivity backbone, supported by two AI-powered add-on platforms — SmartX Treasury System for AI-driven FX optimization and liquidity management across 90 currencies, and Fortress Compliance Platform for risk management, sanctions screening, and embedded regulatory controls across 50 licensed markets. On the payout side, Thunes offers four 'Pay-to-' solutions (Mobile Wallets, Banks, Cards, Stablecoin Wallets), and on the collection side four 'Accept-' solutions (Mobile Wallets, Bank Payments, Digital Vouchers, BNPL), plus Global Accounts for virtual multi-currency infrastructure and Business Payments for B2B flows. Technical access is provided through two production REST APIs — the Money Transfer API v2 for sending cross-border payouts and the Accept API v1 for accepting payments — both documented at docs.thunes.com with sandbox/pre-production environments, basic-auth authentication, ISO 20022 data standards, and webhook callbacks. Thunes' product portfolio includes the Tilia-acquired US entity (now Thunes Financial Services LLC, holding all 50 US Money Transmission Licenses) and the Limonetik-acquired European collections platform (now Thunes Collections). Industry recognition includes the MPE Awards 2026 'Best Cross-Border Payment Solution' and Juniper Research ranking Thunes among the top three global leaders in cross-border payments alongside Swift and Visa.

Differentiator

Problem solved

Functional benefit

Brands

• Thunes Collections: Collections platform derived from the Limonetik acquisition; part of the leading cross-border payments platform Thunes.
• Thunes Financial Services (formerly Tilia)
• Direct Global Network
• SmartX Treasury System
• Fortress Compliance Platform

Products and services

• Direct Global Network
• SmartX Treasury
• Fortress Compliance
• Pay-to-Mobile-Wallets
• Pay-to-Banks
• Pay-to-Cards
• Pay-to-Stablecoin-Wallets
• Accept Mobile Wallets
• Accept Bank Payments
• Accept Digital Vouchers
• Accept BNPL
• Global Accounts
• Business Payments
• Money Transfer API v2
• Thunes Accept API v1
• Thunes Collections
• Thunes Financial Services LLC

Quantifiable outcome

• 85% of payments achieve immediate settlement
• +5 more outcomes

Named customers31 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability6 records

Feature7 records

Partnerships

20 partnerships are on record, tiered flagship and core.

• RippleflagshipTechnology or Integration · 19 June 2026Long-standing partnership integrating Ripple's payment products including XRP's on-demand liquidity functions within SWIFT's system via Thunes' Direct Global Network. The integration spans more than 140 countries and 90 currencies and gives XRP a regulated pathway into US banking infrastructure through Thunes' 50 Money Transmission Licenses.
• TrolleycoreChannel Partner/ Reseller/ Distributor · 1 June 2026Trolley, a creator economy payout platform, joined Thunes' Direct Global Network to power international payout capabilities for business customers including platforms like SoundCloud, Canva, and Epic Games. Enables instant, compliant payouts to over 12 billion mobile wallets and bank accounts across 140 countries in 90 currencies.
• Vodacom TanzaniacoreStrategic or Co-development Partner · 5 May 2026Thunes and Vodacom Tanzania launched M-Pesa Global Payment solution enabling Tanzanian M-Pesa users to make real-time cross-border payments to merchants in Uganda via MTN MoMo and China via Alipay. Targets Tanzanian traders engaging with the country's top two trading partners (China $8.8B bilateral trade in 2024; Uganda $2.23B).
• WireBarleycoreStrategic or Co-development Partner · 28 April 2026Thunes and WireBarley announced a strategic collaboration announced at Money20/20 Asia to integrate platforms for real-time cross-border payments, covering seven originating countries and over 520 destination corridors with focus on South Korea, the United States, Australia, and Vietnam. Targets South Korea's $7.45 billion outbound remittance market.
• SWIFT (New Zealand connectivity)coreTechnology or Integration · 22 April 2026Thunes launched real-time Pay-to-Bank services into New Zealand, allowing users to transfer NZD directly to New Zealand bank accounts through direct API integration or Swift connectivity, leveraging its SmartX Treasury System and Fortress Compliance Platform.
• CircleflagshipTechnology or Integration · 12 April 2026Thunes joined Circle Payments Network Managed Payments, enabling stablecoin-powered settlement while maintaining fiat-based workflows across 140+ countries. Builds on 2024 partnership integrating USDC stablecoin into Thunes' Direct Global Network for near real-time settlement.
• OntopcoreChannel Partner/ Reseller/ Distributor · 30 March 2026Ontop, a global payroll provider, partnered with Thunes to deliver real-time cross-border payments to remote workers and gig economy participants via a single API. Supports payouts in local currencies and stablecoins.
• Banco Cathay of Costa RicacoreTechnology or Integration · 19 March 2026Thunes and Banco Cathay activated the Pay-to-Wallet cross-border payment solution via Swift connectivity, enabling the bank to send instant, secure digital disbursements from any Swift-connected bank to mobile wallets in over 130 countries.
• SWIFT (Stablecoin payout integration)flagshipTechnology or Integration · 17 March 2026Thunes launched Pay-to-Stablecoin-Wallets solution via existing Swift connectivity, enabling 11,500 financial institutions to send real-time payments to over 500 million stablecoin wallets supporting USDC and USDT across 140+ countries with zero additional integration.
• Absa GroupflagshipStrategic or Co-development Partner · 5 March 2026Absa Group (~$121B total assets) partnered with Thunes to launch Absa Global Pay, a digital-first remittance solution enabling real-time international money transfers from the Absa Banking App to 18 countries. First release covers UK, Kenya, India, Malawi, Pakistan, and Zimbabwe, with 98% real-time settlement.
• Sterling BankcoreStrategic or Co-development Partner · 6 January 2026Sterling Bank joined Thunes' Direct Global Network to provide enhanced cross-border payment services for the approximately 17 million Nigerians in the diaspora. Enables instant, account-to-account transfers from multiple European markets to Nigeria, supporting financial inclusion.
• FinFancoreStrategic or Co-development Partner · 2 December 2025FinFan (Vietnam-based fintech) and Thunes signed an MoU to enhance Vietnam's cross-border remittance ecosystem through strategic collaboration, leveraging FinFan's local expertise and Thunes' global network for faster, more transparent digital transactions across 130 countries.
• MoMo PSB (MTN Nigeria)coreStrategic or Co-development Partner · 25 November 2025Thunes and MoMo PSB launched a collaboration enabling Nigerians to receive international remittances instantly from countries including USA, UK, Canada, France, Australia, Saudi Arabia, Israel, and South Africa. Supports Nigeria's growing digital economy with $20.9B in 2024 remittance inflows.
• First Abu Dhabi Bank (FAB)flagshipStrategic or Co-development Partner · 18 November 2025FAB and Thunes partnered to launch real-time cross-border and wallet payments from the UAE to more than 130 countries. The partnership supports UAE's national digital finance strategies and enables FAB customers to send payments in over 80 currencies.
• MastercardflagshipTechnology or Integration · 18 November 2025Mastercard and Thunes announced a partnership to expand stablecoin wallet payouts, enabling near real-time transfers via Mastercard Move and Thunes' Direct Global Network. Adds stablecoins as a payout option supporting global funds transfer in multiple currencies and markets.
• Tilia LLCcoreStrategic or Co-development Partner · 1 May 2025Thunes acquired Tilia LLC, which has been renamed Thunes Financial Services LLC (NMLS ID: 2450368). Provides US-licensed digital wallet, digital voucher, and virtual account services, supporting Thunes' expansion into US digital goods, gift cards, and platform payouts.
• SWIFTflagshipTechnology or Integration · 1 October 2024Thunes partnered with SWIFT in October 2024 to extend the Direct Global Network across SWIFT's 11,500+ connected institutions in 200+ countries. Through this integration, Ripple's payment products including XRP are accessible to SWIFT banks; Thunes launched Pay-to-Stablecoin-Wallets and Pay-to-Wallet services over SWIFT in 2025-2026.
• TookitakicoreStrategic or Co-development Partner · 19 April 2022Thunes acquired a majority stake in anti-money laundering platform Tookitaki for $20 million to expand compliance and AML capabilities across multiple regions. The deal enables both companies to leverage each other's networks to enhance global payment security and transparency.
• LimonetikcoreStrategic or Co-development Partner · 21 July 2021Thunes acquired Limonetik, a European payment methods platform, to expand its global payment collections services. Limonetik is now rebranded as Thunes Collections, enabling businesses to accept over 285 local payment methods in 70 countries and expanding Thunes' reach in cross-border commerce.
• VisacoreStrategic or Co-development PartnerVisa listed as a strategic partner and is referenced as a Visa-backed payments infrastructure firm. Cross-references include cooperation with Mastercard on stablecoin payouts and Visa card-acceptance integration for M-Pesa global payment service.

Scale indicators11 records

Recent moves8 records

Expansion highlights8 records

Broad incumbents

• Visa Direct: Visa's real-time cross-border push-to-card and push-to-account network. Overlaps directly with Thunes' Pay-to-Banks and Pay-to-Cards solutions for B2B/B2C payouts, and is also a Thunes partner, creating a co-opetitive dynamic. Comparable in global reach and enterprise customers.
• Mastercard Move: Mastercard's B2B/B2C cross-border funds transfer network. Direct overlap with Thunes' Direct Global Network for cross-border payouts, and Mastercard is explicitly a Thunes integration partner (stablecoin wallet payouts). Comparable in scale, regulatory reach, and target customer base.

Direct peers

• dLocal: Publicly listed payments platform focused on emerging markets, enabling merchants to accept and pay out via local payment methods across 40+ countries. Overlaps with Thunes' Thunes Collections (formerly Limonetik) acceptance-side offering and emerging-market mobile wallet coverage.
• Nium: Singapore-headquartered cross-border payments infrastructure company offering real-time payouts to bank accounts, cards, and mobile wallets globally. Closest direct competitor to Thunes in network-based B2B/B2C cross-border payouts, with similar target customers (banks, MTOs, platforms) and overlapping corridors.
• Remitly: US-headquartered digital remittance company serving 170+ corridors, focused on consumer money transfer. Listed as a Thunes network partner on the industries page, illustrating the dual customer/competitor dynamic. Comparable in corridor breadth and digital-first remittance positioning.
• Zepz (WorldRemit + Sendwave): Global digital remittance group operating WorldRemit and Sendwave, focused on mobile-first cross-border money transfer. WorldRemit is a Thunes network partner; the two compete in mobile-wallet payout corridors across Africa, Asia, and Latin America.
• Wise (formerly TransferWise): Publicly listed cross-border payments company with deep multi-currency infrastructure, transparent FX pricing, and both consumer and business offerings. Competes with Thunes on B2B cross-border and remittance corridors, with overlapping philosophy of FX transparency.
• Circle (Circle Payments Network): USDC issuer operating the Circle Payments Network for stablecoin-powered cross-border settlement. Direct partnership with Thunes (joined CPN Managed Payments April 2026) but also a competitor in stablecoin settlement rails for B2B cross-border payments.
• Ripple (XRP/RippleNet): Ripple's RippleNet and On-Demand Liquidity product uses XRP as a bridge asset for cross-border settlement. Long-standing Thunes integration partner that gives XRP access to SWIFT banks; competing/stablecoin-rail alternative in corridors Thunes serves.

Emerging players

• TerraPay: Mumbai-headquartered cross-border payments network for mobile wallets and bank accounts, with strong emerging-market footprint. Comparable in target customer (banks, MTOs, mobile wallets) and emerging-market corridor focus, though smaller network reach than Thunes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ThunesPtyLtd
• LinkedInlinkedin.com/company/thunespayments
• Xx.com/ThunesPayments

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors15 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thunes