SUNRATE (寻汇), headquartered in Singapore, recently announced the completion of the D-1 round of financing.
SUNRATE is a provider of digital global payment and treasury management solutions. You can focus on the development of your core business and easily carry out global trade.
SUNRATE has recently obtained in-principle approval from the Monetary Authority of Singapore (MAS) and obtained the capital market service (CMS) license. This makes them one of the few companies in Singapore that holds both an MPI license and a CMS license. In addition, SUNRATE also cooperates with Visa to enable enterprises to directly use eligible Visa debit or credit cards for payment, providing enterprises with more convenient payment methods.
According to FXC Intelligence, the global B2B cross-border payment market has huge potential. It is estimated that by 2030, the total size of the market will reach USD 56.1 trillion. B2B e-commerce is the biggest driver of its growth.
SUNRATE currently has branches in Shanghai, Hong Kong, Tokyo, Singapore, Jakarta, London, and other places. Its overseas payment capabilities cover 100+ currencies, which can help companies develop business in 150+ countries. Paul Meng, co-founder of SUNRATE, said, this round of financing will further accelerate its development in emerging markets and continue to help them create an industry-leading global B2B digital payment solution. In the future, they plan to make a strategic layout in more emerging markets such as the Middle East.”
B2B cross-border payment has attracted a lot of companies. Representative companies in China include Lianlian International (连连国际), PingPong, XTransfer, and Qbit (趣比汇). Internationally, PayPal and Western Union in the United States, Qiwi Wallet and Webmoney in Russia, GlobalCollect in the Netherlands, Moneybookers in the UK, and Paymate in Australia are quite powerful.
This round of financing for SUNRATE was led by Prosperity7 Ventures, a diversified growth fund under Aramco Ventures , and followed by the original shareholder Softbank Ventures Asia and other companies. The proceeds from this financing will be used to further expand SUNRATE’s global market and make strategic investments, strengthening its position as a leading global B2B payment platform in emerging markets.