Sunrate, an intelligent global payment and treasury management platform, announced an extended Series D (Series D-2) funding round from Sequoia Capital Southeast Asia (now known as Peak XV Partners). Prosperity7 Ventures and Softbank Ventures Asia also participated in this round.
The funding will enable Sunrate to accelerate its global expansion by innovating its own technologies, deepening cutting-edge products and services, hiring top industry talent, and exploring additional strategic opportunities, a statement said.
Sunrate provides global payment products and services to businesses around the world, including cross-border payments, global cash collection, commercial card issuance, and treasury management. Thanks to the presented payment options, businesses can make payments in more than 150 countries and transact in more than 100 currencies. They also use global payment collection services in more than 30 currencies, receive funds in more than 10 major world currencies (as if they were local payments), and settle with cards in more than 15 currencies. As part of its global vision to drive B2B digitalization, Sunrate also offers powerful treasury management tools such as TreasuryOS and RiskOS that enable businesses to manage their financial assets, the statement said.
Sunrate co-founder Paul Meng said: “In the beginning, Sunrate had a modest goal of improving the quality of payment processing for small and medium-sized enterprises (“SMEs”). Over the years, we have seen our products and services benefit businesses by providing fast, secure transactions, high-quality customer service, and low and transparent costs. Our involvement with prestigious investors such as Peak XV Partners is a testament to our efforts and performance, establishing us as the leading global B2B cross-border payment platform in emerging markets. By eliminating friction in corporate payments and helping businesses digitalize, Sunrate is expanding business opportunities,
Abhik Anand, Managing Director of Peak XV, said: “Cross-border business payments serve as a vital foundation for the multi-trillion dollar global trading market. Sunrate has built a proprietary global payment network and a diversified product portfolio to provide customers in various Asian markets with fast, appropriate, and low-cost payment options. We are pleased to partner with a team that continues its rapid and sustainable development as a market leader in this vast field.”
The influx of investment is very timely as Sunrate’s opportunities in the emerging global cross-border B2B and card payments market continue to skyrocket. FXC Intelligence estimates that the global B2B cross-border payments market will be worth $56.1 trillion by 2030, according to the statement.
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