Sunrate, an “intelligent global payment and treasury management platform,” has confirmed the successful closure of its extended series D (series D-2) funding round. This round was spearheaded by Sequoia Capital Southeast Asia, now known as Peak XV Partners.
The funding round welcomed participation from a range of investors, including Softbank Ventures Asia and Prosperity7 Ventures. The actual amount raised, however, has not been specified.
Sunrate specialises in offering global payment products and services for businesses across the globe. The platform provides a plethora of services like international payments, global collection, commercial card issuance, and treasury management.
Businesses can utilise the platform to transact in over 100 currencies and make payments to more than 150 countries. Sunrate also provides effective treasury management tools such as TreasuryOS and RiskOS, which enable businesses to manage and oversee their financial assets, liabilities, and liquidity.
The new funding will propel Sunrate’s global expansion plans, driving the innovative development of its technologies, deepening its range of products and services, and recruiting top industry talent. It also provides the flexibility for Sunrate to explore additional strategic opportunities.
Paul Meng, Co-Founder at Sunrate, shared his vision for the company. He said, “We started Sunrate with the modest goal of bettering the payments experience of small to medium-sized businesses (‘SMBs’).
“Having prestigious investors like Peak XV Partners come onboard this journey with us is testament to our efforts and performance – in cementing ourselves as the go-to leading global cross-border B2B payment platform in emerging markets. By removing business payments friction and helping businesses to digitalise, Sunrate empowers businesses — helping them to scale across borders seamlessly and effectively.”
Sunrate has significantly scaled its business over the past year, gaining considerable momentum across emerging markets. The new funding will be utilised to accelerate growth in these markets, particularly in Southeast Asia and India. The company plans to continue onboarding new customers globally and match its talent acquisition with its global growth trajectory.
Abheek Anand, Managing Director at Peak XV, applauded Sunrate’s progress. He said, “Cross-border business payments serve as a vital foundation for the multi-trillion dollar global trade market.
“Sunrate has built a proprietary global payment network and a diverse product portfolio to provide fast, compliant, and low cost payment capabilities to customers across multiple markets in Asia. We’re excited to partner with the team as they continue to expand rapidly and sustainably as the emerging market leader in this massive category.”
According to FXC Intelligence, the global B2B cross-border payments market is projected to total $56.1tn in volume by 2030. This creates promising emerging market opportunities for Sunrate in global cross-border B2B and card payments.
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global
