Peter De Caluwe has returned as CEO of Thunes, the Singapore-based cross-border payments company he co-founded.

He takes over from Floris de Kort, who previously led the firm.

De Caluwe had served as deputy chairman at Thunes for the past 18 months.

Thunes provides payment infrastructure enabling international transfers across bank accounts, mobile wallets, cards, and digital assets.

The company operates in multiple markets and has been expanding in the United States.

No further details on leadership changes or company performance were disclosed.

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🔗 Source: Peter De Caluwe

🧠 Food for thought

1️⃣ Founder returns signal confidence during profitable expansion phase

De Caluwe’s return as CEO follows a pattern where founders reclaim leadership during periods of strong company performance rather than crisis management.

The timing coincides with Thunes achieving profitability and completing a $150 million Series D funding round in April 2025, with the company reporting a $150 million revenue run-rate and positive EBITDA1.

This differs from typical founder return scenarios that often occur during company turnarounds or leadership crises.

De Caluwe’s 18-month stint as Deputy Chairman allowed him to observe the company’s trajectory while maintaining strategic oversight, positioning him to guide the next growth phase rather than rescue operations.

The transition also follows Thunes securing operational licenses across all 50 US states, suggesting the leadership change supports expansion rather than addresses performance concerns2.

2️⃣ Cross-border payments market consolidation creates opportunities for established networks

Thunes’ leadership transition occurs as the cross-border payments sector faces significant growth projections, with the market expected to reach $65 trillion by 20323.

The company’s Direct Global Network spanning 130+ countries with 80+ currencies positions it advantageously as traditional financial institutions seek established infrastructure partners rather than building competing systems4.

Recent industry recognition, including Thunes winning the Best Payment Solution Award at the 2025 Asian Banking & Finance Fintech Awards, demonstrates how established players with proven operational track records gain competitive advantages5.

This market dynamic favors companies like Thunes that have already invested in regulatory compliance and network infrastructure, as new entrants face increasingly complex licensing requirements and integration challenges.

The founder’s return likely reflects strategic positioning to capitalize on this consolidation trend, where partnerships and network effects become more valuable than standalone innovation.

Recent Thunes developments

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