Thunes, a Singapore-based cross-border payments company, has paid $20 million for a majority stake in Tookitaki, a local anti-money laundering (AML) and compliance technology firm.
Including Tookitaki in Thunes’ global network resolves the issue for fintechs and financial institutions striving to embed automated and streamlined compliance procedures within their payment systems.
Thunes clients include digital money transfer operators Western Union, MoneyGram, and Remitly; neobank Revolut. Other clients include fintech and mobile wallets Singtel Dash, PayPal, Airtel, and M-PESA. In that context, the firm tracks more than 180 million transactions yearly.
The CEO of Thunes, Peter De Caluwe, stated:
“This alliance will give all Thunes customers access to next-generation tech compliance systems, reducing the cost of transferring money across borders. We’ve already identified multiple ways to grow faster together, increasing the value we provide to our customers.”
Singapore-based Tookitaki applies machine learning to discover the financial crime. The company launched in November 2014, and it employs at least 100 people across Europe, Asia, and the United States. The company’s alliance with Thunes will increase its presence in integral APAC markets, Europe, the Middle East, and the Americas.