Global payments firm Thunes has acquired a majority stake in AML and compliance technology company Tookitaki through a $20m investment.
According to IBS Intelligence, adding Tookitaki to Thunes’ global network addresses an urgent need for payments and other financial institutions to embed automated, streamlined compliance processes, decreasing risks and reducing overall costs.
Thunes will be able to extend Tookitaki’s compliance and AML capabilities to safeguard the business and create further transparency around the payment flows of its customers worldwide. Both firms will continue to operate independently.
Thunes CEO Peter De Caluwe said, “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.”
Tookitaki founder and CEO Abhishek Chatterjee added, “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.”
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