EDBI and Visa have joined the Series C funding round of Thunes, a Singapore-based global payment network, the company said on Monday (Jul 17).

With the addition of both investors, and the San Francisco co-investment fund of Endeavor, Endeavor Catalyst, the funding raised in the round now stands at US$72 million.

Previously, Thunes raised US$60 million in the same round, led by London-based hedge fund Marshall Wace, with support from Bessemer Venture Partners and South-east Asian private equity firm 01Fintech.

Thunes was founded in 2016. Its clients include gig economy players Uber, Deliveroo and Grab as well as fintech companies such as PayPal, Remitly, Finastra and Revolut.

It also has an ongoing global partnership with Visa, where Thunes offers “send-to-wallet” capabilities to 78 digital wallet providers globally. Visa’s customers, which include financial institutions, governments, neobanks and money transfer operators, also use Thune’s platform to enable digital wallet transactions in Africa, Asia and Latin America.

“By leveraging the insights and support of our investors, we will expand our network and offer businesses and consumers an unparalleled cross-border payments experience,” said Thunes chief executive Peter De Caluwe.

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He added that EDBI’s backing is “incredibly important” as Thunes is a Singapore-based company, even though its business has a global nature.

EDBI’s CEO Paul Ng said: “Thunes’ commitment to addressing the business challenges of international money movement aligns well with our mission to strengthen Singapore’s position as a global innovation and financial hub.”