Sunrate Co-Founder Paul Meng
Sunrate, a cross-border payment platform for businesses, has raised an extended Series D (D2) funding round from Sequoia Capital Southeast Asia (now known as Peak XV Partners).
Saudi Aramco-owned Prosperity7 Ventures and Softbank Ventures Asia co-invested.
Last month, Sunrate secured an undisclosed sum in its Series D1 led by Prosperity7 Ventures.
The startup will use the fresh funds to accelerate growth in emerging markets, such as Southeast Asia and India, and continue to onboard new customers globally. In addition, it will look to hire employees.
Also Read: Financial literacy in Southeast Asia is set to match industry growth
Started in 2016, Sunrate provides global payment products and services for businesses worldwide, including international payments, global collection, commercial card issuance and treasury management.
Businesses can make payments to more than 150 countries and transact in 100+ currencies.
The firm also offers effective treasury management tools, such as TreasuryOS and RiskOS, to enable businesses to manage and oversee their financial assets, liabilities, and liquidity.
Co-Founder Paul Meng said: “We started Sunrate with the modest goal of bettering the
payments experience of small to medium-sized businesses. Through the years, we have
witnessed first-hand how our products and services have benefited businesses by providing fast secure
transactions, high-touch customer service as well as lower and transparent costs. By removing business payments friction and helping businesses to digitalise, Sunrate empowers businesses — helping them to scale across borders seamlessly and effectively.”
According to FXC Intelligence, the global B2B cross-border payments market is expected to total US$56.1 trillion in volume by 2030.
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