Thunes
Singapore-based cross-border payments network linking banks, wallets, and cards in 140+ countries.
On the record
Checkpoint: Watch for Series E, M&A activity, or another CEO change after De Caluwe's return
The call
Thunes holds real network reach and licenses, but two CEO exits in 20 months and crowded peer competition keep the picture unsettled.
Thunes is a company that moves money between countries and into mobile wallets by connecting directly to over 550 banks and payment systems across the world, rather than using older networks like SWIFT. It is hard to copy because it has licenses in over 50 countries and built these bank connections over time, which takes years and regulatory approval, and old payment systems like Mastercard and Visa cannot reach mobile wallets in poorer countries the way Thunes can, so they are partnering with it instead of fighting it. However, other companies like Airwallex and Nium are doing similar things with similar funding, and the money they make from currency exchange fees will likely shrink as stablecoin technology improves, so the winner is not yet decided, and the company has had two new leaders in 20 months which raises questions about whether it can execute its plan.
Why
01
AI pressure: None apparent. AI shows up as compliance tooling via its own Tookitaki unit, not as a rival rail eating its business. Could AI do the core job? Unlikely.
02
Bigger players: Airwallex, Nium, Rapyd. Well-funded peers with overlapping corridors compete for the same take rate, with no single winner locked in yet. Could a giant copy it? No, they are blocked.
03
What protects it. 550+ direct integrations plus licenses in 50+ jurisdictions make its network hard to copy quickly.
What would change this call
Thunes loses a marquee client like Uber, Grab, Deliveroo, or WeChat to Airwallex or Nium. Would show peer competitors are actually winning shared corridors, not just competing.
Another CEO or C-level exit at Thunes within 6-9 months. Would confirm leadership instability is undermining execution, not a one-off transition.
Thunes raises a Series E or reports burn-fueled financing instead of sustained EBITDA profitability. Would show the April 2025 positive EBITDA claim was not durable.
Another CEO or C-level exit at Thunes within 6-9 months. Would confirm leadership instability is undermining execution, not a one-off transition.
Thunes raises a Series E or reports burn-fueled financing instead of sustained EBITDA profitability. Would show the April 2025 positive EBITDA claim was not durable.
Key numbers
- $150M Series D raised
- Valuation estimated $900M-$1.0B
- 550+ direct network integrations, 140+ countries
Named risks
- Two CEO transitions in 20 months, De Kort exit October 2025 after De Caluwe return August 2025.
- FX spread economics may erode as stablecoin rails from Circle, Ripple and Mastercard proliferate faster than volume compensates.
- Crowded, well capitalized peer set (Airwallex, Nium, Rapyd) with overlapping corridors and no winner take all dynamic.
- Industry consolidation pressure, exemplified by the Nuvei-Payoneer deal, could force Thunes into a Series E or M&A.
- Self reported metrics (wallet counts, country counts) are inconsistent across Thunes' own releases, complicating verification.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| SWIFT | gaining on | SWIFT is extending connectivity via Thunes for stablecoin payouts to 11,500 banks as of 2026-03-17 rather than competing directly |
| Mastercard | gaining on | Mastercard chose to partner via Mastercard Move on 2025-11-13 instead of building competing rails |
| Airwallex | contesting | Airwallex processes about $150B annually in 2026, far larger scale, overlapping cross-border corridors |
| Nium | contesting | Nium runs a comparable real time payout network in shared emerging market corridors as of 2026 |
| Rapyd | contesting | Rapyd offers overlapping cards, wallets and cash payout infrastructure competing for similar enterprise clients |
Questions people ask
- Is Thunes profitable in 2025?
- Thunes' CEO stated the company achieved positive EBITDA performance as of April 28, 2025, coinciding with its $150M Series D raise led by Apis Partners and Vitruvian Partners. This is a company statement, not an independently audited figure.
- Who owns Thunes?
- Thunes is privately held and venture backed. Its April 2025 Series D of $150M was led by Apis Partners and Vitruvian Partners, joining earlier investors Marshall Wace, Bessemer, Helios, Checkout.com and GGV Capital. No IPO or acquisition of Thunes has occurred.
- Could AI replace Thunes' core business?
- Unlikely to replace the core network. Thunes' value rests on 550+ direct integrations and licenses in 50+ jurisdictions negotiated over years, per its April 2025 Series D release. AI is used within Thunes' own Tookitaki compliance subsidiary rather than as a threat to its infrastructure.
- Who is Thunes' biggest competitor?
- Airwallex is the most scaled overlapping peer, processing roughly $150B annually per its own 2026 materials, versus Thunes' undisclosed volumes. Nium and Rapyd also contest similar cross-border payout corridors with no single winner-take-all dynamic evident.
- Is Thunes moving into stablecoins?
- Yes. Thunes launched Pay-to-Stablecoin-Wallets on October 27, 2025, partnered with Mastercard Move on November 13, 2025, extended stablecoin payouts to 11,500 SWIFT connected banks on March 17, 2026, and joined Circle Payments Network on April 8, 2026.
- How much funding has Thunes raised?
- Thunes has raised through at least four disclosed priced rounds: Series A ~$10M in May 2019, Series B $60M in September 2020, Series C $60M in 2023, and Series D $150M in April 2025, the largest round in the company's history according to Thunes.
Timeline
- 2026-04-08Thunes joins Circle Payments Network for Managed Payments
- 2026-03-30Thunes launches gig economy payout product, cites 14 global offices
- 2026-03-17Thunes extends stablecoin payouts to 11,500 SWIFT connected banks
- 2025-11-13Mastercard and Thunes announce Mastercard Move stablecoin partnership
- 2025-10-27Thunes launches Pay to Stablecoin Wallets solution at Money20/20 USA
- 2025-08-26CEO Floris de Kort steps down, co-founder Peter De Caluwe returns as CEO
- 2025-06Thunes acquires Tilia
- 2025-04-28Thunes raises $150M Series D led by Apis Partners and Vitruvian Partners
Revision history
21 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Thunes Raises USD 150 Million in Series D Funding Round (2025-04-28)
- Valuation, Funding Rounds & Stock Price (2026-04-22)
- Thunes -> History
- Thunes Raises $60M in Series B for Growth Acceleration
- Thunes Empowers the Global Economy with Instant Cross-Border Payouts (2026-03-30)
- Global payments FinTech Thunes raises $150m Series D (2025-04-28)
- Management and Employees List
- Thunes CEO Floris de Kort steps down (2025-08-26)
- Mastercard and Thunes bring stablecoin payouts to the mainstream (2025-11-13)
- Thunes Powers Instant Stablecoin Payouts Worldwide (2025-10-27)
- Thunes Brings Stablecoin Payouts to 11,500 Banks (2026-03-17)
- Thunes Joins Circle Payments Network (2026-04-08)