UNRATE Accelerates Global Expansion with Series D-2 Funding Led by Peak XV Partners

July 29, 2023

Key Takeaways:

  • SUNRATE, an intelligent global payment and treasury management platform, has successfully closed its Series D-2 funding round led by Peak XV Partners, formerly known as Sequoia Capital Southeast Asia.
  • Prosperity7 Ventures and Softbank Ventures Asia also participated in the funding round, reflecting the company’s growing recognition and investor confidence.
  • The funding will be utilized to accelerate global expansion, enhance cutting-edge products and services, hire top talent, and explore strategic opportunities.
  • SUNRATE’s extensive global payment and treasury management solutions cater to businesses worldwide, offering seamless international payments, global collection, commercial card issuance, and advanced treasury tools for efficient financial management.

About SUNRATE: Empowering Seamless Global Payments

SUNRATE, a leading global payment and treasury management platform, has emerged as a trailblazer in the payments industry since its inception in 2016. With its headquarters in Singapore and offices in Hong Kong, Jakarta, London, and Shanghai, the company serves as a vital link for businesses worldwide, empowering them to operate and scale across borders effectively.

The platform’s cutting-edge proprietary technology, extensive global network, and robust APIs enable businesses in over 150 countries to conduct international transactions with ease and efficiency. As an industry frontrunner, SUNRATE has fostered strategic partnerships with esteemed financial institutions such as Citibank, Standard Chartered, Barclays, and holds the distinction of being a principal member of both Mastercard and Visa.

Through its comprehensive suite of services, SUNRATE facilitates a wide range of global payments, including international payments, global collection, commercial card issuance, and treasury management solutions. The company’s commitment to high-touch customer service, secure transactions, and transparent cost structures has garnered praise from small to medium-sized businesses (SMBs) and large enterprises alike.

The Series D-2 Funding: Powering Global Expansion and Innovation

In a significant milestone, SUNRATE recently concluded its Series D-2 funding round with Peak XV Partners leading the investment. Peak XV Partners, formerly known as Sequoia Capital Southeast Asia, is a renowned venture capital and growth investing firm with a remarkable track record of fostering long-lasting and successful businesses.

The funding round also saw participation from Prosperity7 Ventures and Softbank Ventures Asia, two prominent players in the investment landscape. This robust financial support will serve as a catalyst for SUNRATE’s global expansion plans, fueling innovation, and propelling the company to new heights in the world of payments and treasury management.

According to Paul Meng, Co-Founder at SUNRATE, the company’s journey began with the goal of enhancing the payments experience for SMBs. As the years passed, SUNRATE witnessed its products and services profoundly impacting businesses, with benefits such as fast and secure transactions, high-touch customer service, and transparent costs.

Mr. Meng expressed his excitement about the partnership with Peak XV Partners, stating, “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. By removing business payments friction and helping businesses to digitalize, SUNRATE empowers businesses—helping them to scale across borders seamlessly and effectively.”

A Closer Look at SUNRATE’s Comprehensive Solutions

SUNRATE’s extensive portfolio of services is designed to address the unique and diverse needs of businesses operating on a global scale. As companies strive to embrace digitalization and expand their operations, SUNRATE’s platform offers a suite of solutions that streamline international financial transactions and treasury management.

1. Global Payment Products and Services

  • International Payments: Businesses can make secure payments to more than 150 countries and transact in over 100 currencies, eliminating cross-border payment barriers.
  • Global Collection: SUNRATE provides global collection services in over 30 currencies, enabling businesses to collect funds in over 10 major global currencies as if they were local payments.
  • Commercial Card Issuance: The company offers commercial card issuance solutions, allowing businesses to settle card spends in more than 15 currencies.

2. Treasury Management Tools

To empower businesses with effective financial management, SUNRATE offers two powerful treasury management tools:

  • TreasuryOS: Designed to optimize treasury operations, TreasuryOS enables businesses to manage and oversee financial assets, liabilities, and liquidity efficiently.
  • RiskOS: A comprehensive risk management tool that allows businesses to mitigate financial risks effectively and make informed decisions.

Through these offerings, SUNRATE provides a holistic approach to driving B2B digitalization and fostering seamless financial transactions across borders.

Paving the Way for Global Expansion

In the past year, SUNRATE has experienced significant growth and momentum, particularly in emerging markets across Asia. The successful completion of the Series D-2 funding round couldn’t have come at a better time, as the company looks to capitalize on the burgeoning opportunities in the global cross-border B2B and card payments markets.

The strategic investment from Peak XV Partners and other key investors will serve as a launchpad for SUNRATE’s accelerated growth in emerging markets, including Southeast Asia and India. The company’s mission is to continue onboarding new customers globally, ensuring that its industry-leading services reach businesses across diverse sectors and geographies.

Abheek Anand, Managing Director at Peak XV Partners, acknowledged the vital role of cross-border business payments in the multi-trillion dollar global trade market. He praised SUNRATE’s efforts in building a proprietary global payment network and a diverse product portfolio that offers fast, compliant, and low-cost payment capabilities to customers across multiple Asian markets.

With an eye on the future, SUNRATE is poised to be the emerging market leader in its category, supporting businesses with seamless cross-border payments and treasury management tools that drive growth and efficiency.

Conclusion: Empowering Businesses Worldwide

SUNRATE’s successful Series D-2 funding round led by Peak XV Partners represents a pivotal moment for the intelligent global payment platform. As the company continues its journey to revolutionize B2B digitalization, it remains steadfast in its commitment to empowering businesses worldwide.

Through its extensive suite of services, SUNRATE enables businesses to navigate the complexities of global payments and treasury management seamlessly. With strategic investments and a global vision, SUNRATE is well-positioned to redefine the future of international transactions, fostering innovation, and accelerating growth for businesses in emerging markets and beyond.

As SUNRATE embarks on the next chapter of its growth story, it stands as a testament to the power of technological innovation and collaborative partnerships, reshaping the landscape of global payments and treasury management for years to come.

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