Singapore-based global payments company Thunes has acquired a majority stake in anti-money laundering (AML) and compliance technology firm Tookitaki for over US$20 million.
This deal enables Thunes to extend and provide the AI startup’s AML and compliance capabilities to its global customers, including Grab, Deliveroo, UberEats, Moneygram, Western Union, Remitly, Revolut, Paypal, and Singtel Dash.
At the same time, the deal allows Tookitaki to deepen its presence in core APAC markets (Singapore, Indonesia, Malaysia, the Philippines, and Taiwan), the Middle East, Europe, and the Americas.
The two firms will continue to operate independently, with the alliance strengthening both companies and enabling them to accelerate their global business expansion.
“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.
Also Read: Tookitaki secures US$19.2M in Series A funding
Tookitaki was founded in November 2014 in Singapore. It employs over 100 people across Asia, Europe and the US. It delivers AML and compliance solutions to banks and financial institutions using Big Data and machine learning technologies.
In 2019, the regtech firm received US$1.7 million in a Series A funding round led by Viola Fintech, an Israeli venture fund, and SIG.
Thunes is a B2B company. Through a single connection, consumers and businesses can send payments to – and get paid in – every corner of the world. Thunes currently supports 79 currencies, enables payments to 126 countries, and helps to accept 285 payment methods.
Thunes has regional offices in London, Paris, Shanghai, New York, Dubai, and Nairobi.
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