Sunrate, described as an intelligent global payment and treasury management platform, has proudly announced securing a significant investment from Prosperity7 Ventures.
The growth fund, operating under Aramco Ventures, took the lead in Sunrate’s latest D-1 funding round.
The hefty funding, led by Prosperity7 Ventures, saw participation from Softbank Ventures Asia in the form of a subsequent investment. This capital injection boosts Sunrate’s positioning within the thriving B2B cross-border payments sector, which, as per FXC Intelligence, is projected to amount to a whopping $56.1tn by 2030.
Sunrate operates as an intelligent global payment and treasury management platform. Since its inception in 2016, it has become an influential player in the world of business payments, facilitating transactions for businesses on a global scale. With its cutting-edge proprietary platform, comprehensive global network, and robust APIs, Sunrate operates in over 150 countries and regions. The FinTech firm holds partnerships with top-tier financial institutions like Citibank, Standard Chartered, and Barclays. It’s also the principal member of both Mastercard and Visa.
The newly raised funds will be utilised to catalyse expansion plans and strategic investments, aiming to enhance Sunrate’s innovative product offerings and services. These include international payments and global collection services. The move aims to cement Sunrate’s standing as a leading B2B cross-border payment platform, particularly within emerging markets.
In addition to its funding announcement, Sunrate recently disclosed its success in obtaining the Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). The FinTech firm is one of the few Singapore-based companies that also hold a Major Payment Institution (MPI) license for Account Issuance Service, Domestic Money Transfer Service, Cross-border Money Transfer Service, Merchant Acquisition Service, and E-money Issuance Service.
Co-founder at Sunrate, Mr Paul Meng, commented, “In this tough macro-economic environment, having new and existing prestigious investors invest in Sunrate is a testament to our sustained strong growth and proven capability. The investments from Prosperity7 Ventures put us in a great position for accelerated growth and to sustain with the ever-increasing demand of our industry-leading global B2B cross-border payment solution in emerging markets with a plan to scale into other emerging markets such as the Middle East.”
Aysar Tayeb, the Executive Managing Director of Prosperity7 Ventures, added, “Over the past few years, Sunrate has been successfully building an extensive B2B payment network that addresses an important bottleneck in facilitating quick and painless cross-border payments. We are very pleased to lead this round of investment, as we partner with Sunrate and support the continued growth and expansion of their unique payment system across new geographies.”
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