SUNRATE Secures Prosperity7 Ventures’ Investment in Series D-1 Funding

July 9, 2023
by

Key Takeaways:

  1. SUNRATE successfully closes its Series D-1 funding round, led by Prosperity7 Ventures, also featuring investment by Softbank Ventures Asia.
  2. SUNRATE plans to use the funding to expand its cutting-edge product and service offerings and reinforce its position as a leading B2B cross-border payment platform.
  3. The company recently secured the Capital Markets Services (“CMS”) licence from the Monetary Authority of Singapore (“MAS”), supplementing its existing Major Payment Institution (MPI) licence.

About SUNRATE

Founded in 2016, SUNRATE is an intelligent global payment and treasury management platform catering to businesses worldwide. With its global headquarters in Singapore and offices in Hong Kong, Jakarta, London, and Shanghai, SUNRATE has successfully established a vast network, collaborating with top global financial institutions like Citibank, Standard Chartered, and Barclays. The company serves as the principal member of both Mastercard and Visa.

Prosperity7 Ventures Leads Series D-1 Funding

In a landmark event, Prosperity7 Ventures, a growth fund under Aramco Ventures, has become the lead investor in SUNRATE’s latest Series D-1 funding round. The round also witnessed a subsequent investment from Softbank Ventures Asia, signifying growing confidence in SUNRATE’s potential.

With the global B2B cross-border payments market forecasted to reach $56.1tn by 2030, SUNRATE is strategically positioned to seize this massive market potential. The funding will drive further expansion plans, enabling strategic investments to bolster SUNRATE’s avant-garde products and services. This includes its international payments and global collection services, strengthening its standing as a leading cross-border B2B payment platform in emerging markets.

SUNRATE’s Milestone with Monetary Authority of Singapore

In another crucial development, SUNRATE announced that it has successfully obtained the Capital Markets Services (“CMS”) licence from the Monetary Authority of Singapore (“MAS”). This achievement cements SUNRATE’s regulatory compliance, as it already holds a Major Payment Institution (MPI) licence from MAS for a broad range of services, underscoring its commitment to secure and legitimate operations.

Reinforcing Growth and Expansion

Mr Paul Meng, co-founder at SUNRATE, expressed the company’s enthusiasm regarding the funding. He underlined how this investment attests to SUNRATE’s sustained growth and proven capabilities amidst challenging macroeconomic conditions. With plans to scale into other emerging markets, such as the Middle East, the investment from Prosperity7 Ventures sets a solid groundwork for accelerated growth.

Aysar Tayeb, the Executive Managing Director of Prosperity7 Ventures, lauded SUNRATE’s efforts in building an extensive B2B payment network. Tayeb highlighted how SUNRATE’s innovative solutions address crucial bottlenecks in facilitating swift and seamless cross-border payments.

As SUNRATE gears up for the next phase of its journey, it continues to harness cutting-edge technology to deliver reliable and efficient global payment solutions. The recent investment and strategic partnerships set the stage for SUNRATE to deliver enhanced payment experiences and drive economic transformation across emerging markets.

Learn more about SUNRATE and Prosperity7 Ventures.

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