Peak XV backs SG payment firm’s series D extension

Photo credit: Sunrate

Cross-border payments are notorious for their high fees and high friction. This has attracted fintech players looking to solve these pain points.

While some companies such as Wise and YouTrip primarily target consumers on an overseas trip, others want to tap higher-volume business-to-business transactions.

Sunrate is part of this latter group. The Singapore-based fintech firm has raised an undisclosed series D2 round led by Peak XV Partners (formerly Sequoia Capital India and Southeast Asia). The company also announced a series D1 round led by Prosperity7 Ventures last month.

Founded by Paul Meng, Joshua Bao, and Michael Dong in 2016, Sunrate provides payment products and services. These include international payments, global collection, commercial card issuance, and treasury management.

In short, businesses can use Sunrate to make payments in more than 150 countries and transact in more than 100 currencies. Other offerings include collection services as well as card settlement.

Sunrate’s treasury management offerings, called TreasuryOS and RiskOS, allow companies to oversee their assets, liquidity, and liabilities.

Funding details

• Funding amount: Undisclosed
• Lead investors: Peak XV Partners
• Other investors: Prosperity7 Ventures, SoftBank Ventures Asia (SoftBank Ventures Korea)
• Stage: Series D
• Source

The startup recently obtained the Capital Markets Services license from the Monetary Authority of Singapore. That adds to its Major Payment Institution license, which enables it to offer account issuance, domestic money transfers, cross-border money transfers, merchant acquisition, and e-money issuance.

It plans to use the fresh funding to grow its team and deepen its global expansion efforts, especially in emerging markets like Southeast Asia and India.

Globally, the B2B cross-border payments market is set to grow at a compound annual growth rate of 43%, reaching US$56 trillion by 2030.

See also: Regional cross-border payments open new growth avenues for Indonesian fintech

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