A Singapore-based financial technology company has achieved a significant regulatory accomplishment in the U.S. market. Thunes, known for its advanced payment solutions, has successfully obtained 50 crucial licenses through its newly formed entity, Thunes Financial Services. This breakthrough enables direct service offerings to American corporations, merchants, and digital platforms via its Pay and Accept suite. Furthermore, these approvals allow Thunes to establish contracts with American businesses for real-time international transactions using its Direct Global Network.
The network connects billions of mobile wallets, bank accounts, and cards globally, facilitating transactions in multiple currencies. With this development, U.S.-based members gain local funding options, simplifying payment processes. Additionally, integrating the SmartX Treasury system allows members to execute cross-border payments instantly. Following a successful Series D financing round led by Apis Partners and Vitruvian Partners, raising $150 million, Thunes continues its strategic expansion into the U.S., marking a pivotal moment in its global growth journey.
Expanding Service Offerings in the U.S. Market
Through its newly established entity, Thunes Financial Services, Thunes has secured the necessary licenses to offer its comprehensive suite of services directly to U.S. entities. This achievement not only enhances its operational capabilities but also strengthens its position as a leading player in the global payments industry. By leveraging its Direct Global Network, Thunes can now contract with American businesses to facilitate seamless real-time cross-border transactions. The integration of cutting-edge technology ensures efficient and reliable payment processing.
This milestone represents more than just regulatory compliance; it signifies Thunes' commitment to delivering exceptional value to its clients. The ability to provide direct access to the U.S. market through a single integration is a game-changer for businesses seeking streamlined payment solutions. Moreover, the connection of over seven billion mobile wallets and bank accounts, alongside 15 billion cards across more than 130 countries, underscores the vast reach and potential of Thunes' network. By transacting in 80 different currencies, Thunes caters to diverse financial needs, enhancing its appeal to global clients. The added advantage of local funding for American members further simplifies the payment process, making it more accessible and efficient.
Driving Growth Through Strategic Investments
Building on its recent success, Thunes has bolstered its growth initiatives with a substantial $150 million investment from its Series D financing round. Led by Apis Partners and Vitruvian Partners, this funding aims to support Thunes' expansion plans within the U.S. market. The influx of capital will enable Thunes to enhance its technological infrastructure, expand its team, and refine its product offerings to better serve its growing client base. CEO Floris de Kort expressed pride in achieving this significant milestone, reflecting the company's momentum and earned trust.
With the new licenses and financial backing, Thunes is poised to scale its operations purposefully, delivering tangible value to every member of its Direct Global Network. The integration of the SmartX Treasury system exemplifies Thunes' dedication to innovation, enabling U.S.-based members to execute international payments in real time. This capability not only strengthens Thunes' competitive edge but also reinforces its reputation as a trailblazer in the global payments landscape. As Thunes continues to grow, it remains committed to providing limitless value to its clients, ensuring that each member benefits from the network's expanding capabilities and global reach. The combination of robust regulatory approval, strategic partnerships, and cutting-edge technology positions Thunes at the forefront of the financial technology sector.
Discover the advantages of high-yield savings accounts over traditional banking options. With interest rates reaching up to 4.30% APY, these accounts provide significantly higher returns while maintaining the same level of security and accessibility. Additionally, explore how recent Federal Reserve decisions impact savings rates and understand key financial terms that affect your investment choices.
Boosting Savings with High-Yield Accounts
High-yield savings accounts offer impressive returns, often exceeding 4% APY, compared to traditional banks' modest offerings. These accounts operate online, reducing operational costs and passing savings directly to customers through higher interest rates and minimal fees. They eliminate common barriers such as monthly charges and minimum balance requirements, making them accessible for all types of savers.
Digital banks like Valley Bank, Bread Financial, and CIT Bank lead the way in providing competitive rates. By leveraging technology, these institutions allow users to set up accounts quickly online, integrating seamlessly with existing checking accounts. Their user-friendly platforms enable easy tracking of financial progress and growth through compound interest. Unlike conventional banks, these providers also offer unrestricted access to funds without transaction limits, enhancing flexibility for account holders.
Understanding Savings Account Dynamics
Savings accounts function as secure reservoirs for funds not intended for daily expenses. Interest earned on balances can vary widely, from a modest 1% APY at traditional institutions to lucrative rates exceeding 4% APY in high-yield accounts. Compound interest plays a crucial role here, accelerating savings growth by earning interest on both initial deposits and accumulated interest. Understanding how frequently interest compounds—whether daily, monthly, or quarterly—can further optimize earnings potential.
Traditional savings accounts typically lag behind in interest rates due to their physical branch networks and associated overhead costs. In contrast, high-yield accounts capitalize on digital efficiencies, offering greater returns without compromising security. Both account types are federally insured up to $250,000, ensuring protection against unforeseen risks. When selecting an account, consider factors beyond just APY, including promotional rates, minimum deposit requirements, ease of access, and federal insurance coverage. Additionally, explore alternative deposit options like certificates of deposit (CDs) and money market accounts for potentially higher yields and tailored access features.
The Lawn Tennis Association (LTA) has committed to ensuring equal prize money at the Queen’s Club and Eastbourne tournaments no later than 2029. This announcement comes as the WTA event at Queen’s Club kicks off with a total prize fund of $1.415 million, marking the venue's first women’s tournament since 1973. Despite this progress, there remains a significant disparity between the men's and women's prize pools due to differing ticket sales and revenue generation capabilities. The ATP event at the same location the following week offers a considerably higher prize fund of €2.522 million. While strides are being made toward equality, financial constraints also impact grassroots tennis development in the UK.
A New Chapter for Women's Tennis in the UK
In a vibrant season filled with opportunities for growth, the LTA is spearheading an initiative to bridge the gender gap in tennis prize money. Beginning this year, the WTA tournament at Queen’s Club will see a notable increase in its prize pool, boosted voluntarily by a third to $1.415 million. However, this figure lags behind the ATP tournament scheduled for the subsequent week, which boasts a staggering €2.522 million in prize money. Key players such as Emma Raducanu and Katie Boulter will compete in the first women’s event held at Queen’s Club since 1973. Meanwhile, Eastbourne, hosting a combined ‘250’ event before Wimbledon, features a more balanced but still unequal prize distribution, offering $389,000 to women compared to €756,875 for men.
Both tournaments fall under the ‘500’ category, placing them just below Grand Slams and ‘1000’ events in prestige. Although the ATP event at Queen’s has already sold out, the women’s tournament has garnered approximately 80% of its tickets, reflecting ongoing challenges in attracting audiences. Lower ticket prices during the WTA week highlight the current inability to match the revenue generated by the long-established men’s competition. The LTA emphasizes balancing investments between prize money and grassroots programs, noting that last year's summer events incurred a £4 million loss. Nevertheless, their pledge to achieve parity by 2029 precedes the WTA's own deadline for standalone events, set for 2033.
LTA Chief Executive Scott Lloyd expressed optimism about nurturing women’s tennis at all levels, stating that fans will soon enjoy both men’s and women’s matches on grand stages across Britain. The goal is not only to ensure profitability for women’s events but also to enhance visibility for the sport overall.
From a journalist's perspective, this move by the LTA represents a significant step forward in promoting gender equality within professional sports. It highlights the importance of investing in women’s athletics while acknowledging the economic realities that govern major sporting events. Achieving equal prize money requires careful planning and collaboration between stakeholders to create sustainable models that benefit athletes and fans alike. By setting ambitious yet realistic targets, the LTA sets an example for other organizations striving to level the playing field in competitive sports.