Thunes Acquires Majority Stake in Regtech Firm Tookitaki for $20M
Global cross-border payments firm Thunes announced that it has taken a majority stake in the anti-money laundering (AML) and compliance technology firm, Tookitaki, by making an investment of over US$20 million.
Thunes made this move in the wake of rising transaction costs for cross-border payments of which regulatory compliance forms a significant percentage. The company said that any reduction will deliver crucial savings for Thunes' customers.
Adding Tookitaki to Thunes' global network addresses the need for payments and other financial institutions to embed automated, streamline compliance processes, and decrease risks.
Thunes will be able to extend Tookitaki's compliance and anti-money laundering (AML) capabilities to further safeguard the businesses and create more transparency around the payment flows of its global customers. The company tracks over 180 million transactions annually.
Additionally, this partnership also allows Tookitaki to deepen its presence in core APAC markets, the Middle East, Europe and the Americas.
Thunes and Tookitaki businesses 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' 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," said Peter De Caluwe, CEO of Thunes.
"At Tookitaki, we have been passionate about fighting financial crime and expanding our AML capabilities globally. Thunes is recognised 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," said Abhishek Chatterjee, Founder and CEO of Tookitaki.
Source: Fintech News
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