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Thunes acquires Limonetik to integrate diverse cross-border payments channels

Written by Brady Ng Published on     2 mins read

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Thunes’ services are already available in 110 countries.

Cross-border payments provider Thunes has acquired Limonetik, a Europe-based payments platform. The firm will integrate Limonetik’s payments services with its own Thunes Collections international money transfer solution, which includes 285 fintech services that businesses can use in 70 countries, spanning mobile wallets, “buy now, pay later” financing, QR code payments, and more.

The idea is to make it easy for businesses to manage electronic payments through one portal, with Thunes aggregating various localized channels in one place. More broadly, Thunes’ services are used in 110 nations.

Limonetik was founded in Paris in 2008 and now processes EUR 2 billion (USD 2.36 billion) for 14,000 businesses each year. It counts Deliveroo, Uber Eats, European flash sale e-commerce portal Veepee, and French investment bank Natixis as clients. Limonetik’s 50 staff members, including co-founder and CEO Christophe Boubier, will join Thunes.

Peter De Caluwe, CEO of Thunes, characterized his company’s services as “brilliantly simple” in a press release, and said Thunes’ integration of Limonetik’s features will form “a single end-to-end payment solution that connects every corner of the world and makes the global economy accessible to all.”

De Caluwe told KrASIA in May that the company has the goal of becoming a “well-recognized global leader powering cross-border payments” in three to five years. “We’d like to be seen as the global benchmark on compliance, treasury, security, and customer service in emerging markets,” De Caluwe said.

The four-year-old, Singapore-headquartered company raised USD 60 million in Series B funding in May, nearly doubling its total raise to USD 130 million in under two years. Thunes has regional offices in London, Shanghai, New York, Dubai, and Nairobi. Its name is French slang for “cash.”

Read this: As distrust over the banking system looms in Myanmar, the “fintech revolution” is staved off

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