Singapore-based cross-border B2B payment service Thunes raised a $150M Series D co-led by Apis Partners and Vitruvian Partners to accelerate its US expansion
Thunes has raised $150 million in a Series D funding round to strengthen its cross-border payments platform and accelerate its expansion in the United States.
Context & Ripple Effects
Thunes’ new round extends a multi-stage funding arc: it previously raised a $72M Series C in 2023 after earlier backing for a cross-border network aimed at emerging markets. The company is now explicitly directing fresh capital toward the U.S., shifting the emphasis from network build-out to market expansion.
The deal also places Thunes alongside Singapore-based B2B payments peers that have raised large institutional rounds, including Nium’s $200M Series D. That makes execution in a major destination market, rather than fundraising alone, the relevant next test.
First-order effects
- Thunes gains $150M of expansion capital and two co-lead investors, giving it more capacity to pursue its stated U.S. build-out.
- Apis Partners and Vitruvian Partners become key financial backers of a cross-border B2B payments platform whose prior financing included a $72M Series C.
Second-order effects
- U.S.-focused expansion can intensify competition for cross-border B2B payment customers and distribution partners, particularly against better-funded regional peers such as Nium.
- The financing raises the execution bar for Thunes: capital directed to the U.S. must translate into a stronger commercial presence without displacing the cross-border network development that underpinned its earlier rounds.
Third-order effects
- If successive late-stage rounds continue to fund international expansion, cross-border payments may increasingly favor providers able to finance both local market entry and a broad underlying network.
- The pattern suggests a maturing financing cycle in which investors concentrate behind established payment infrastructure players; whether that produces durable consolidation depends on expansion outcomes, not funding size alone.
The trend: Cross-border B2B payments companies are using later-stage capital to turn regional networks into multi-market platforms, with the U.S. a key expansion target.