JAKARTA, Indonesia. February 13, 2026
When markets tighten, pressure intensifies.
Capital becomes more selective. Headlines grow louder. Customer behavior shifts. Strategic decisions carry greater weight, the temptation to react quickly — to pivot, accelerate, or follow trends — becomes stronger than ever.
Defying Market Gravity, the Steady Way
Peter De Caluwe has experienced these cycles firsthand.
As Co-Founder and CEO of Thunes, the global cross-border payments infrastructure company he has led since 2018, Peter has helped shape the company into one of the world’s most expansive real-time payment networks. Under his leadership, Thunes accelerated its global footprint and strengthened its infrastructure, securing Money Transmission Licences across the United States, raising USD 150 million in Series D funding led by Apis Partners and Vitruvian Partners, and joining the World Economic Forum Unicorn Community to advance global financial interoperability — building scale with discipline.
In 2021, Peter was selected as an Endeavor Entrepreneur at the 21st Virtual International Selection Panel (ISP), becoming Indonesia’s 68th Endeavor Entrepreneur. Since then, his contribution has extended well beyond his own company’s growth. In 2025 alone, he dedicated over 20 mentor hours across 26 engagements — serving as both an International Selection Panel (ISP) and Local Selection Panel (LSP) panelist, and actively supporting fellow founders across markets.
His journey reflects a broader truth: enduring leadership is measured not only by scale, but by the willingness to give back while building forward.
At the Endeavor Annual Celebration 2026, under the theme Defying Market Gravity, we recognized founders who continue to build with clarity and conviction despite uncertainty. For Peter — CEO of Thunes and Endeavor’s 2025 Entrepreneur of the Year — defying gravity has never been about dramatic leaps or ignoring difficult conditions.
It has been about responding deliberately, with steady execution.
"Defying market gravity is not about pretending things are fine when they are not,"
Peter shares.
"It’s about accepting reality and choosing how you respond."
His recognition as Endeavor Entrepreneur of the Year reflects more than strong company growth. It represents sustained leadership across market cycles — balancing performance with long-term responsibility.
Focus Over Frenzy
Uncertainty, he notes, is inherent in company building. Even in strong markets, leaders often operate with incomplete information. During more challenging cycles, that uncertainty becomes more visible — and decision-making becomes more consequential.
At Thunes, challenging cycles did not prompt reactive change. They sharpened focus.
The team made deliberate trade-offs, reduced distractions, and reinforced its focus on long-term fundamentals.
Rather than chasing short-term acceleration, Thunes continued investing in the infrastructure required to scale responsibly: compliance systems, interoperability capabilities, and deep ecosystem partnerships.
These decisions were not always the most visible — but they were strategic.
“Scale is not just about growing fast,” Peter explains.
"It’s about building something that works consistently and that people trust."
Substance Over Surge
Today, Thunes’ proprietary Direct Global Network enables real-time payments across more than 130 countries and 80+ currencies, connecting billions of mobile and stablecoin wallets, bank accounts, and cards worldwide. Its reach is built on infrastructure designed to perform across cycles.
However, its strength lies not only in reach but in resilience.
Anchored Leadership
Leading during difficult periods requires composure.
“There are moments when you don’t feel fully confident,” Peter acknowledges.
"Leadership is less about having every answer and more about staying calm, being transparent with your team, and providing clear direction even when certainty is limited."
Momentum, he reflects, does not always feel like acceleration. Often, it is the result of sustained focus and steady execution.
For Founders Navigating Slower Cycles
For founders navigating similar conditions, Peter offers practical reassurance:
"If progress feels slower right now, you’re not alone. Slower progress does not mean failure. The discipline and foundations you are building today will matter more than you realize. Staying committed to the journey is already meaningful."
His recognition as Endeavor Entrepreneur of the Year reflects sustained leadership across market cycles. It represents sustained leadership through cycles — a commitment to building with integrity when conditions are favorable, and when they are not.
It also reflects the value of long-term partnership.
"What I value about Endeavor is that it understands entrepreneurship is not linear,"
Peter says.
"The more difficult periods are part of the journey. Being surrounded by peers within the Endeavor community who understand that reality makes the path less isolating."
Because defying market gravity is not about dramatic shifts.
It is disciplined.It is deliberate.And over time, it is transformative.
You Don’t Have to Navigate Alone
For founders navigating uncertainty today, the journey does not have to be taken alone. The right community can sharpen your thinking, challenge your assumptions, and provide perspective when the path feels unclear.
Endeavor exists to support founders who are building with long-term conviction — through cycles, not just headlines.
Because defying market gravity is easier when you are surrounded by others doing the same.
Join Peter and the wider Endeavor community
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