Summary of Key Competitors (RemiDe vs. Peers)

Thunes (Global Cross-Border Payment Network)

Thunes is a Singapore-based B2B payment network connecting diverse financial institutions for real-time cross-border payouts. It historically uses traditional correspondent banking and mobile wallet rails, but in 2024 Thunes piloted USDC stablecoin settlements to reduce costs.

• Onboarding & Float: Partners (Network Members) maintain accounts with Thunes; U.S. expansion allows local prefunding in USD. No public “onboarding fee” is disclosed, but members must pre-fund liquidity (now optionally via USDC).
• Settlement & Custody: Hybrid model – Thunes acts as intermediary (custodial) for fiat and now supports native USDC on-chain to fund payouts. This 24/7 stablecoin liquidity reduces float requirements for members.
• Fee Model: Charges transaction fees and FX spreads (exact rates undisclosed). Aimed to be cheaper than banks; stablecoin use is expected to “reduce capital costs” for members. Likely ~1-3% range (typical fintech remittance fee), so 🟡 moderate.
• Compliance Architecture: Emphasizes rigorous compliance (“Fortress Compliance” platform). Holds 50 U.S. state Money Transmitter Licenses and FinCEN MSB registration. As a centralized hub, KYC/AML is enforced for all senders/recipients via partners. Travel Rule info is handled in-network (Thunes can attach sender/beneficiary data to each payment).
• Corridors Covered: 130+ countries across Asia, Africa, LATAM and more. Strength in emerging market payouts (mobile money, bank accounts, cards) with real-time capability.
• Regulatory Status: 🟢 Fully licensed – e.g. U.S. MSB/MTL, Canada FINTRAC, Singapore MPI. Recent U.S. license rollout (2025) lets Thunes contract with U.S. clients directly. This robust licensing underpins trust.
• Funding & Stage: Late-stage with Series D $150 M raised in 2023 (valued >$900 M). Significant runway and investor backing (e.g. Apis, Visa). Actively expanding (launched U.S. entity in 2025).
• Competitive Edge vs. RemiDe: 🟢 Network Effects & Compliance – Thunes offers a massive established network (7B+ accounts reachable) and full regulatory compliance, giving enterprises one API for global payouts. However, it remains custodial (funds flow through Thunes accounts) and closed-loop. RemiDe’s non-custodial approach could offer lower counterparty risk and on-chain transparency, but RemiDe will contend with Thunes’ scale and licenses. Thunes’ embrace of USDC is a positive overlap, though Thunes uses it internally rather than enabling direct wallet-to-wallet crypto transfers.

❗ Risk/Flag: As a centralized network, Thunes carries counterparty and FX volatility risk. Its fee structure, while better than banks, may still be higher than pure on-chain solutions. Also, Thunes’ stablecoin pilot is new – success depends on partners’ crypto readiness and regulatory acceptance in each corridor.

Onafriq (Pan-African Payments Hub, formerly MFS Africa)

Onafriq (rebranded from MFS Africa in 2025) operates Africa’s largest digital payments gateway, interconnecting 40+ African markets across mobile money, banks, and fintechs. It provides a “network of networks” for cross-border and domestic transfers. In April 2025, Onafriq partnered with Circle to pilot USDC for African cross-border settlements.

• Onboarding & Float: Enterprise partners integrate via APIs. Historically requires prefunding in various currencies; the USDC pilot may allow funding transactions in stablecoin to reduce multi-currency floats. No public onboarding fee, but larger partners likely negotiate volume commitments.
• Settlement & Custody: Hybrid custodial model. Onafriq centrally clears between senders and receivers (holding accounts with mobile operators, banks, etc.). With USDC integration, Onafriq will accept stablecoin from partners as settlement currency and then disburse locally. The stablecoin itself is transacted via Circle’s platform (non-custodial on-chain), but endpoints (mobile wallets/banks) are custodial.
• Fee Model: Aims to cut costs vs. traditional routes. Likely charges per transaction and small FX margins. (MFS Africa’s value prop has been simplifying remittances at lower fees; exact fees vary by corridor.) The Circle alliance explicitly targets the $5 B in annual fees Africans pay to foreign correspondents. Expect fees well under traditional ~7%, perhaps ~1-3%. 🟡 Moderate (not zero, but cheaper than banks).
• Compliance Architecture: Robust in-network compliance. Onafriq touts “top-notch regulatory and compliance capabilities”. All endpoints (mobile money accounts, banks) are KYC’d by partners, and Onafriq itself is licensed in multiple jurisdictions. Likely complies with Travel Rule by ensuring sender/beneficiary info is shared between sending and receiving partners (as required by local regs). The USDC pilot is “in lockstep with regulators”, indicating careful compliance design.