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Singapore’s Sunrate Secures Series D-2 Funding Led by Peak XV Partners for Global Expansion
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Sunrate, a global smart payment and treasury management platform, has successfully raised an extended Series D (Series D-2) funding round from Peak XV Partners, formerly Sequoia Capital Southeast Asia. The round included Prosperity7 Ventures and Softbank Ventures Asia.
Sunrate’s recent series D2 funding round has provided the necessary financial impetus for the company to further enhance its global expansion and innovation efforts.
Sunrate, a Singapore-based fintech firm, has emerged through its comprehensive suite of solutions. The company enables businesses to conduct cross-border payments, global cash collection, commercial card issuance, and efficient treasury management.
With access to a vast network, businesses can make payments to over 150 countries and transact in more than 100 currencies. Moreover, they can use global payment collection services in more than 30 currencies, receiving funds in over ten major international currencies, similar to local payments. Besides, Sunrate facilitates card settlements in more than 15 currencies.s
As part of its broader vision to drive digitalization in the B2B sector, Sunrate empowers businesses with powerful treasury management tools like TreasuryOS and RiskOS. These sophisticated tools facilitate managing and overseeing financial assets, liabilities, and liquidity, providing companies with greater control and transparency over their financial operations.
Recently, the startup obtained a Capital Markets Services license from the Monetary Authority of Singapore, bolstering its regulatory framework.
The fresh influx of funds will also be utilized to expand the company’s team, enhancing its capacity to provide high-touch customer service and innovative financial solutions.
Co-Founder Paul Meng expressed his excitement for the journey ahead, emphasizing Sunrate’s mission to become the leading global cross-border B2B payment platform in emerging markets. Meng highlighted the tangible benefits that Sunrate’s products and services bring to businesses, ranging from fast and secure transactions to transparent and cost-effective solutions.
The recent investment in Sunrate comes at a favorable time as the global B2B cross-border payments market is substantially growing. Projections indicate a compound annual growth rate of 43%, leading to a market value of US$56 trillion by 2030.
With this fresh funding, Sunrate plans to accelerate its growth in key regions like Southeast Asia and India while maintaining a global customer onboarding drive.
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