Thunes, a Singapore-based global payments business, has purchased a controlling share in Tookitaki, an anti-money laundering (AML) and compliance technology company, for more than $20 million.
Thunes’ AML and compliance capabilities will be extended and provided to its worldwide clients, including Grab, Deliveroo, UberEats, Moneygram, Western Union, Remitly, Revolut, Paypal, and Singtel Dash, as part of this arrangement.
Tookitaki will also be able to expand its footprint in key APAC regions (Singapore, Indonesia, Malaysia, the Philippines, and Taiwan), the Middle East, Europe, and the Americas as a result of the agreement.
The two companies will continue to operate individually, but the agreement will strengthen them both and allow them to expand their worldwide company faster.
“This alliance will give all Thunes customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders. At the same time, all Tookitaki’s banking and fintech clients will automatically gain access to Thunes’s network, unlocking pathways to scale globally,” said Peter De Caluwe, CEO of Thunes.
In November of 2014, Tookitaki was established in Singapore. It has approximately 100 employees throughout Asia, Europe, and the United States. It uses Big Data and machine learning technology to provide AML and compliance solutions to banks and financial organisations.
In a Series A fundraising round headed by Viola Fintech, an Israeli venture fund, and SIG, the regtech business got US $19.2 million in 2019.
Thunes is a business-to-business (B2B) enterprise. Consumers and organisations may send and receive payments from all corners of the globe with a single connection. Thunes now supports 79 currencies, allows payments to be made to 126 countries, and facilitates the acceptance of 285 payment methods.
In addition to London, Paris, Shanghai, New York, Dubai, and Nairobi, Thunes maintains regional offices in London, Paris, Shanghai, New York, Dubai, and Nairobi.
