Sunrate wins Aramco, SoftBank Ventures backing to bolster B2B payments

Photo credit: Sunrate

Sunrate, a Singapore-based digital payment platform, has secured series D-1 funding in a round led by Prosperity7 Ventures – a growth fund under Aramco Ventures, with participation from SoftBank Ventures Asia, which was recently bought out of SoftBank Group.

The amount raised was kept undisclosed.

Funding details

• Funding amount: Undisclosed
• Lead investor: Prosperity7 Ventures
• Other investor: SoftBank Ventures Asia
• Stage: Series D-1
• Source

Sunrate provides cross-border payment and treasury management solutions for businesses in emerging markets. In November last year, the company launched its global headquarters in Singapore to expand further into Southeast Asia.

The firm was founded in 2016 and has offices in China, Hong Kong, Malaysia, Indonesia, and Vietnam.

It plans to use the fresh money to expand its products and services, including international payments and global collection services, and to enter new markets such as the Middle East.

Sunrate said it’s poised to capitalize on the growing B2B cross-border payments market, which FXC Intelligence predicted to have a total addressable market of US$56.1 trillion by 2030.

Sunrate also announced that it has received approval for a capital markets services license from the Monetary Authority of Singapore (MAS), which will enable the company to offer regulated financial services in the city-state.

The company also has a major payment institution license from MAS for various payment services.

More details