SUNRATE (寻汇), headquartered in Singapore, recently announced the completion of the D-2 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.
The business scope of SUNRATE has expanded significantly, and the growth trend in emerging markets is particularly strong. After the completion of this fundraising, SUNRATE will make a faster strategic deployment in emerging markets such as Southeast Asia and India, and will also continue to seek new customer resources around the world.
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. While successfully establishing partnerships with world-renowned banks such as Citigroup, Standard Chartered, and Barclays, SUNRATE has also obtained the master membership of Mastercard and Visa, and continues to provide one-stop digital services to global companies.
In addition to SUNRATE, several companies are competing in the B2B cross-border payment market. 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 Sequoia Capital Southeast Asia (now known as Peak XV Partners), and followed by existing shareholders such as Prosperity7 Ventures and Softbank Ventures Asia. The funds from this round of financing will be used to promote technological innovation, deepen products and services, introduce industry talents, and explore more strategic opportunities to accelerate its global expansion plan.