Thunes Preps for EU Expansion With New French License

The global cross-border payments platform Thunes has gotten permission to conduct merchant acquisition services in France, with plans to expand these capabilities throughout Europe.

The Singapore-based company announced the approval on Thursday (Nov. 4), saying that the payment institution license lets Thunes “offer a full range of payment services, including global payment collection from alternative payment methods such as wallets and installments.”

Approved last month by the Autorité de Contrôle Prudentiel et de Résolution (ACPR), the regulatory arm of the Banque de France (BDF), the license covers most types of commercial payment transactions for Thunes customers, including accepting, processing and settlements.

Thunes says it already has similar licenses from the U.K.’s Financial Conduct Authority (FCA) and the Monetary Authority of Singapore, and that this new approval “significantly extends” the company’s ability to work with global merchants and payment providers, while also giving existing customers a simplified collections process and better payment capabilities.

“[The] Thunes Collections business was born out of Europe, so it is especially exciting for us to be able to offer a full suite of payment services in this region,” Thunes CEO Christophe Bourbier said in a news release. He added that as the company expands its services around the world, it will continue to enhance its license portfolio to new locations.

Read more: Thunes Leans on Xoom for Broader Worldwide Reach

Last month, Thunes announced a partnership with PayPal’s digital remittance service Xoom that allows customers in the U.S., Canada, the U.K. and Europe to send money to mobile wallets around the world.

Thunes began working with PayPal in 2018, with a partnership that allows customers in Kenya to move money between M-Pesa and PayPal with Thunes as the basis. Thunes is also helping Xoom allow payments in a host of other countries, including the Philippines, Bangladesh, Indonesia, Ghana and Senegal.

Also see: Thunes, Bank Alfalah Team up on Real-Time Payments Service in Pakistan

In August, Thunes announced a partnership with the Pakistani retail bank Bank Alfalah to allow real-time cross-border payments to consumers in Pakistan.

The deal will enable Thunes customers to make affordable, real-time payments to anyone in Pakistan who has a bank account, including Bank Alfalah customers. As remittances are a key source of Pakistan’s foreign exchange, this collaboration will support the needs of millions of migrant families across the country.