“””
SUNRATE, a leading global payment and treasury management platform, has successfully closed an extended Series D (Series D-2) funding round. The round was led by the renowned venture capital firm, Peak XV Partners, previously known as Sequoia Capital Southeast Asia. Other prominent contributors to the funding round included Prosperity7 Ventures and Softbank Ventures Asia.
Accelerating Global Expansion Plans
The fresh injection of funds will significantly accelerate SUNRATE’s global expansion plans. It will drive innovative development of its technologies, deepen cutting-edge products and services, hire top industry talent and provide the flexibility to explore additional strategic opportunities.
SUNRATE offers a comprehensive suite of global payment products and services for businesses worldwide. These include:
- International payments
- Global collection
- Commercial card issuance
- Treasury management
Businesses can make payments to more than 150 countries and transact in over 100+ currencies through SUNRATE’s platform.
An Intelligent Platform for SMBs
Paul Meng, Co-Founder at SUNRATE, reflected on the company’s journey: “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.”
The influx of investment is timely when considering the emerging market opportunities for SUNRATE in global cross-border B2B and card payments are still expanding at a rapid pace.
Seizing Emerging Market Opportunities
Abheek Anand, Managing Director at Peak XV stated: “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.”
According to FXC Intelligence, it’s expected that by 2030, the volume of the global B2B cross-border payments market will total US$56.1 trillion.
| Market | Predicted Volume (2030) |
|---|---|
| Global B2B Cross-Border Payments | US$56.1 Trillion |
With its intelligent platform that empowers businesses worldwide, SUNRATE is ideally positioned to seize these emerging market opportunities.
About Peak XV Partners
Peak XV Partners (formerly Sequoia Capital India & SEA) is a leading venture capital firm investing across India, Southeast Asia and beyond. Over their 17 years of operations in these regions they have grown significantly managing over USD 9 billion in capital across 13 funds and invested in over 400 companies.
“””