Singapore’s Sunrate Receives Investment from Prosperity7 Ventures and SoftBank Ventures Asia in Series D-1 Funding

Singapore-based digital payment platform Sunrate announced today that it has successfully raised undisclosed funding in its Series D-1 round. The funding was led by Prosperity7 Ventures, a growth fund associated with Aramco Ventures, and included additional investment from SoftBank Ventures Asia.

Sunrate offers a smart global payment and treasury management platform, enabling businesses to streamline their B2B payments and financial operations. With the support of Prosperity7 Ventures and SoftBank Ventures Asia, Sunrate aims to strengthen its position in the digital payment space and expand its reach to serve more businesses worldwide. The exact amount of funding secured in this round has not been disclosed.

Sunrate provides comprehensive solutions for businesses operating in emerging markets. Established in 2016, the company has rapidly gained recognition for its advanced proprietary platform, expansive network, and powerful APIs, empowering companies to operate and expand locally and globally in over 150 countries.

With headquarters in Singapore and additional offices in Hong Kong, Jakarta, London, and Shanghai, Sunrate collaborates with renowned global financial institutions such as Citibank, Standard Chartered, and Barclays. It also holds the distinction of being a principal member of both Mastercard and Visa.

In November of last year, Sunrate extended its presence in Southeast Asia by launching its global headquarters in Singapore.

The Singaporean startup recognizes the immense potential of the global B2B cross-border payments market. According to industry experts, this market is projected to reach a volume of $56.1 trillion by 2030. With its latest funding infusion, Sunrate is poised to capitalize on this significant market growth.

The company plans to allocate fresh capital to expand its range of products and services, with a specific focus on international payments and global collection services. Additionally, Sunrate aims to venture into new markets, including the Middle East, further extending its global presence.

Mr. Paul Meng, the co-founder of Sunrate, expressed his appreciation for the investments made by new and existing prestigious investors. He stated, “In this challenging macro-economic environment, the fact that esteemed investors have chosen to invest in Sunrate is a testament to our continued strong growth and proven capabilities. With the support of Prosperity7 Ventures, we are well-positioned for accelerated expansion and to meet the growing demand for our industry-leading global B2B cross-border payment solution in emerging markets. We also have plans to extend our reach into other emerging markets, such as the Middle East.”

Additionally, Sunrate has recently received in-principle approval from the Monetary Authority of Singapore (MAS) for its Capital Markets Services (CMS) license. The regulatory approval enables Sunrate to provide regulated financial services within Singapore, further bolstering its credibility and positioning in the industry.

The CMS license grants Sunrate the authorization to offer various payment services, including Account Issuance, Domestic Money Transfer, Cross-border Money Transfer, Merchant Acquisition, and E-money Issuance.

Reportedly, Sunrate is among the few companies in Singapore to hold both a Major Payment Institution (MPI) license and a CMS license from MAS, affirming its strong compliance with regulatory standards.