Singapore-based cross-border payments platform, Thunes, has raised $72 million in its Series C funding round, bringing the total investment from venture capitalists in the firm to $202 million. This places Thunes at a valuation of around $900 million, just shy of becoming a unicorn startup considered at $1 billion or more. Unlike popular e-payment platforms like Airtel Money, PhonePe, and Paytm, Thunes focuses on providing a B2B payment backbone to facilitate cross-border transactions for businesses. It aims to disrupt the dominance of traditional international wire transactions, at present facilitated by SWIFT and similar interbank networks.

Thunes bridges the gaps in the global payment infrastructure by offering an efficient and reliable platform for businesses and consumers to move money worldwide. The company’s network allows for quick and cost-effective payments to over 130 countries, covering 4 billion bank accounts and 3 billion mobile wallets. Thunes claims that its proprietary money-moving infrastructure can reduce costs by up to 90% compared to SWIFT transfers and settle most transactions within 30 minutes.

The recent funding round was led by payments giant Visa, with participation from US-based Endeavor Catalyst and British hedge fund Marshall Wace, among others. Thunes plans to use the additional capital to expand its presence in China, the world’s largest digital payment market. With a recent partnership with Tencent, Thunes aims to obtain local licenses and double its team in China to tap into the massive growth opportunities in the country.

Thunes’ ambition is to become as ubiquitous as SWIFT in the interbank transfer business. CEO Peter De Caluwe envisions a future where treasurers and CFOs say, “I wire you with Thunes” instead of “I wire you with SWIFT.” With the support of investors like Visa and the Singapore Economic Development Board, Thunes is well-positioned to achieve its goals and drive innovation in the cross-border payment space.