Singapore-based cross-border payments firm Thunes has announced the acquisition of Limonetik, a Paris-based payments platform that supports merchants and marketplaces. The financial details of the transaction were not disclosed.
The move will complement Thunes’s existing payments solutions by enabling businesses to get paid in 70 countries, using over 285 local payment methods, the two companies said in a joint statement on Wednesday.
The acquisition comes after the Singapore firm raised a $60 million Series B growth round led by global private equity and venture capital firm Insight Partners in May this year. Exiting investors Helios Investment Partners, GGV Capital, Future Shape, and Checkout.com had participated in the round, which brought the company’s total funding to $130 million in less than two years.
Helios had led Thunes’s $60 million Series B funding round in September last year, while its Series A round was led by GGV Capital in May 2019.
Thunes launched in 2019 when financial tech company TransferTo split into two — Thunes for business-to-business solutions, and DT One, which focuses on consumer services like mobile top-ups and data bundles.
The company now operates in more than 100 countries and has shown a 100% increase in growth over the past year. Its clients include superapp Grab, online payments platform PayPal, mobile money wallet M-Pesa, Commercial Bank of Dubai, global money transfer operators Western Union and Remitly, as well as Singapore insurance firm NTUC Income.
Thunes has regional offices in London, Shanghai, New York, Dubai, and Nairobi.
The payment powerhouse develops APIs and other technology for financial firms and institutions such as banks, digital wallet providers, and money transfer services. This helps them reach unbanked customers in emerging markets.
Limonetik is one of the earliest developers of an alternative payment methods platform suitable for international merchants and marketplaces. And like Thunes, the firm closely partners with payment service providers and financial institutions.
Founded in 2008, Limonetik is led by CEO & co-founder Christophe Bourbier, a multiple-time entrepreneur and payment space expert. Limonetik has 50 employees who will now become Thunesters, the statement added.
“We welcome the Limonetik team to Thunes, and as one, we look forward to offering a single end-to-end payment solution that connects every corner of the world and makes the global economy accessible to all,” said Peter De Caluwe, CEO of Thunes.
In a similar deal in the sector, Singapore-based cross-border payments firm Nium, which is backed by Temasek, said in June that it will acquire the UK-based B2B payments platform Ixaris. The transaction is expected to close early in the third quarter of 2021.