Cross-border payments firm Thunes said Wednesday it has acquired Limonetik, a European payment methods platform, for an undisclosed amount.
This move will complement existing Thunes cross-border payments solutions by enabling businesses to get paid in 70 countries, using over 285 local payment methods such as mobile wallets, payment by instalments and QR code. The solution will be known as Thunes Collections.
Limonetik is one of the earliest developers of an alternative payment methods platform suitable for international merchants and marketplaces. It is processing more than €2 billion a year and counts over 14,000 merchants, marketplaces and fintech players, including Deliveroo, Uber Eats, Veepee, CMA – CGM, Worldline – Ingenico, ACI, Amadeus and Natixis as part of its network.
Founded in Paris in 2008, Limonetik is led by CEO and co-founder Christophe Bourbier, who will take over as the CEO of the combined firm Thunes-Limonetik.
Limonetik has 50 employees, who will join the 180-team strong Thunes.
Rapid growth in cross-border e-commerce trade has made it essential for global sellers to accept payments in locally preferred methods. There are over 400 alternative payment methods, and this diversity brings integration complexity and back-office costs that Limonetik’s offering seeks to resolve with a single API integration.
“Limonetik has been driving the transformation of collections with its platform-as-a-service (PaaS) model, while Thunes possesses a powerful global payments network,” said Bourbier, founder of Limonetik.
Thunes is headquartered in Singapore with regional offices in London, Shanghai, New York, Dubai, and Nairobi. Last September, marquee African PE firm Helios led a $60 million Series B round in the firm from its fourth fund.
In May 2021, Thunes announced a $60 million growth round led by Insight Partners, bringing the company’s total funding to $130 million in less than two years.