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B2B payments company Thunes gets a $900M valuation

Lucinda Shen
Jul 17, 2023
Illustration of the earth on a large pile of money

Illustration: Eniola Odetunde/Axios

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.

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