B2B payments company Thunes gets a $900M valuation
Thunes, a cross-border B2B payments company, raised another $12 million in Series C funding, closing the round at $72 million.
Why it matters: Visa, which has been amping up its cross-border chops, is investing in the round that values Thunes at over $900 million, the company confirmed.
Details: Singapore-based Thunes was valued at about $800 million prior to this round.
- The first $60 million of this round was led by Marshall Wace and included Bessemer Venture Partners.
- Other investors in this $12 million boost include EBDI and Endeavor Catalyst.
Context: Visa launched B2B Connect, a network that sought to speed up cross-border payments for corporate customers in 2019. CEO Ryan McInerney said in the company's Q2 earnings calls that "B2B is the largest component of new flows."
- Notably, cross-border spending tends to come with higher returns for the company than domestic payments.
Of note: Visa invested in TerraPay, another cross-border payments company, in May.