SUNRATE, a global payment and treasury management platform, has teamed up with payments giant Visa to launch virtual corporate cards.
Through the deal, SUNRATE’s travel stakeholders can have another option when making payments to their own partners, such as airlines and hotels, on virtual corporate cards. This move was designed to help SUNRATE bolster its online travel solution.
The company believes virtual corporate cards are revolutionising travel payments. They allow online travel agencies to set spend limits and define usage.
SUNRATE, which is headquartered in Singapore, offers a global payment and treasury management solution. Its features include international payments, corporate cards, risk management, global collection, B2B trade and more.
Speaking on the partnership, SUNRATE Head of Card Business Shawn Qin said, “The launch of Visa virtual corporate cards is a monumental step for SUNRATE as we cement our leadership as a one-stop B2B payment partner, especially for the travel industry.
“Since our partnership announcement with Agoda, we have worked with many other travel stakeholders, including other OTAs and we take pride in being able to solve their overall business needs. The Visa virtual corporate card will be a key solution for our customers and beyond.”
Visa Business Solutions Asia Pacific vice president Chavi Jafa added, “Our partnership with SUNRATE is very timely given the recovery of business and leisure travel around the world. Visa is supporting fintechs like SUNRATE to introduce innovative solutions that make it easier for businesses to manage their spending and make business-to-business payments securely and seamlessly.”
Last year, SUNRATE closed its Series C funding round on an undisclosed amount. The company raised the capital from SoftBank Ventures Asia, Banyan Pacific Capital, TDF Impact Investment, Redpoint China, China Growth Capital, JAFCO Asia and K2VC.
Visa is no stranger to partnerships. Late last year, the PayTech giant teamed with Plan A to offer its Sustainability platform as a part of its FinTech Partner Connect programme to Visa’s issuer network.
Copyright © 2023 FinTech Global