Marshall Wace, one of the world’s largest hedge fund managers, has invested $30 million in the Series C round of Thunes, a global cross-border payments network based in Singapore, according to regulatory filings.
Thunes can raise additional funding of up to $30 million in the round, show its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
The company is valued at $795 million after the hedge fund’s capital infusion, according to DealStreetAsia’s calculations.
Prior to the Series C round, it had raised over $130 million in total.
“Our conversations with global investors are constant and ongoing, and as we continue to engage with them, we see a strong interest in Thunes’ capabilities, as well as a belief that the cross-border payments sector will continue to grow and see strong demand,” the company said in a statement.
“As disclosed in a recent filing with Singapore’s Accounting and Corporate Regulatory Authority, one of the investors, Marshall Wace, has invested US$30 million in the Series C round. At this stage, we are not able to comment on any other potential investors and the total size of the investment round. When we will be ready, we will share the details,” it added.
Thunes, whose platform connects payment players in more than 100 countries, last raised $60 million in a growth round in 2021 led by investment firm Insight Partners. The company’s share price in the latest round is up 38.3% from its previous financing in 2021.
In September 2020, the fintech startup had raised $60 million in a Series B financing anchored by Africa-focused Helios Investment Partners. The round was backed by Checkout.com and existing investors GGV Capital and Future Shape.
GGV Capital also led Thunes’s $10-million Series A round in May 2019.
