Banking

Singapore fintech Thunes acquires payments platform Limonetik

Thunes has acquired French fintech Limonetik for an undisclosed fee as it looks to expand its cross-border payments solutions.

The Singaporean firm says the deal will accelerate the rollout of its global payment collection solution Thunes Collections.

It will look to combine Limonetik’s platform-as-a-service (PaaS) model with its existing global payments network with the aim of “offering a single end-to-end payment solution that connects every corner of the world”.

Thunes operates a network of banks, money transfer operators, and other businesses, offering cross-border payments to and from emerging markets.

The company raised $60 million in an extended Series B growth round in May this year, following an initial $60 million raise in September 2020.

It says Limonetik will complement its payments network and enable businesses to accept payments in 70 countries using over 285 local payment methods such as mobile wallets, payment by instalments (BNPL), and QR code payments.

Founded in 2007, Limonetik is one of the earliest developers of an alternative payment methods platform suitable for international merchants and marketplaces.

The firm processes more than €2 billion a year and boasts more than 14,000 clients, including Deliveroo, Uber Eats, and Veepee.


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