Thunes, a global payments organization based in Singapore, recently declared that it has acquired the lion’s share in Tookitaki Holding Pte Ltd., an AML and compliance solution provider, by investing more than $20 million. The partnership between the organizations strengthens the financial and banking industry to battle money laundering and provide secure payments to users.
Peter De Caluwe, CEO, Thunes, stated, “We are very excited to have Tookitaki join us. 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’ network, unlocking pathways to scale globally. We’ve already identified multiple ways to grow faster together, increasing the value we provide to our customers. We’ll be working to accelerate our growth plans jointly.”
Combining Tookitaki with Thunes’ global network focuses on the pressing requirement for payments and other financial organizations to insert programmed, efficient compliance processes, reducing the risk and overall expenses. Thunes can expand Tookitaki’s prominent compliance and AML (anti-money laundering) abilities to secure the organizations and develop clarity around the payment flows of its worldwide users. The customer base includes gig economy platforms such as Deliveroo, Grab, and UberEats; digital money transfer operators such as Remitly, Moneygram, and Western Union; neobanks such as Revolut; and mobile and fintech wallets such as Airtel, Singtel Dash, PayPal, and M-PESA.
Abhishek Chatterjee, Founder, CEO, Tookitaki, commented, “At Tookitaki, we have been passionate about fighting financial crime and expanding our AML capabilities globally. Thunes is recognized for its far-reaching global network, and the alliance provides us with an ‘unfair’ opportunity to offer our proven and powerful AML solution to banks and FinTechs across the fastest growing economies as well as the biggest. Our approach to AML monitoring is highly adaptable to changing market needs and customer behavior and fundamentally changes how machine learning is applied to detecting financial crime.”
Both organizations will still be functioning autonomously after the collaboration as well, with the partnership boosting both organizations and allowing them to fast-track their global business extension. This merger will enable Tookitaki to intensify its existence in core APAC markets, Europe, America, and the Middle East. It will also set a global standard for financial security and compliance and offer a secure footing for further global payments.
