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.
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![Temenos (SIX: TEMN) today announced that National Bank of Iraq (NBI), part of the Capital Bank Group, has successfully gone live with Temenos core banking and payments. NBI, which has 27 branches across Iraq, offers a comprehensive range of services to individuals and businesses in the country. Since 2005, NBI has been majority owned by Capital Bank, one of the top financial institutions operating in the Jordanian and regional markets, with assets of approximately JOD 7.6 billion[1]. With this implementation, NBI moved from its legacy systems onto the same core banking platform as other entities in the Capital Bank Group. This will enable NBI to operate more efficiently and integrate seamlessly with other systems to develop new products faster and deliver an improved customer experience. Capital Bank Group is a long-standing Temenos customer with other entities in the Group including Capital Bank of Jordan, Bank Audi, Société Générale Bank Jordan and NBI Saudi Arabia, already on the Temenos platform. NBI also becomes the first part of the group to adopt Temenos Payments, which enabled the bank to process more than 100,000 transactions of incoming and outgoing domestic and international payments in the first 15 days of operation, with a 99% straight-through processing rate. The migration to the Temenos platform for core banking and payments at NBI was completed in under 12 months thanks to Temenos’ pre-configured banking and payments capabilities and APIs which reduced the need for complex customizations, as well as close collaboration between Temenos, NBI, Capital Bank and delivery partner ITSS. This success was recently recognized in the IBS Intelligence Innovation Awards, with Capital Bank winning ‘Best Implementation of Core Banking Services'. The implementation at NBI follows several other successful transformation projects with Temenos for Capital Bank in the last few years, including the launch of NBI’s branch operations in Saudi Arabia in just 45 days, as well as the integration of Bank Audi and the former Jordanian operations of Société Générale, each of which was achieved in under four months. Collectively, these projects helped Capital Bank to increase operational efficiency by more than 50% within three years, bringing significant cost savings and an improved customer experience. With faster, more accurate processing and immediate service requests, the bank has maintained high customer retention rates and a reputation for service excellence. Izzidin Abusalameh, Chief Operations Officer, Capital Bank Group, commented: “This achievement marks a significant milestone in our digital transformation journey and positions us as a leading player in the banking industry. We have seamlessly transitioned the National Bank of Iraq to a cutting-edge core banking system which will not only enhance operational efficiency but also support providing our customers with a superior digital banking experience. Our continued partnership with Temenos has not only provided us with an advanced technological platform but has also facilitated a culture of flexibility and adaptability, enabling us to execute our ambitious growth plans.” Lee Allcorn, Managing Director, Middle East & Africa, Temenos, said: “Congratulations to National Bank of Iraq and the Capital Bank team on this successful implementation that gives NBI business agility and the same modern technology platform and ability to deploy fast with pre-configured banking capabilities as the rest of the group. With Temenos, Capital Bank Group is future-ready, and we are proud to support them as they continue to innovate and leverage our platform to grow sustainably and enhance the banking experience for customers.”](https://fintech.global/wp-content/uploads/2024/04/rupixen-Q59HmzK38eQ-unsplash-2-218x150.jpg "Flutterwave teams up with Acquired.com to streamline outward remittances in EU and UK")
