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Hello reader,
In recent years, making a profit has become increasingly important for startups. Growth is still crucial, yes, but doing so “at all costs” isn’t the right move anymore.
That’s why I’ve enjoyed reading In The Black, a series of articles from our newsroom profiling profitable startups in the region. It’s interesting to see how these firms have managed to build sustainable businesses.
Some chose to eschew venture funding so that they aren’t beholden to investors pushing for growth. Others are very tactical about their marketing and operating spend. Whatever strategy they go with, these startups all manage to make and sustain profits.
And on that note, today’s premium story is another one from In The Black. We hear from Sunrate, a global payment and treasury management platform for businesses.
Today we look at:
- How Sunrate’s got revenue and profit
- Grab’s first time hitting adjusted EBITDA profitability
- Other newsy highlights such as Airwallex’s increased revenue in Singapore and SoftBank Vision Funds’ results for H1 2023
Premium summary
Growing at a good rate
Image credit: Timmy Loen
Singapore-based fintech firm Sunrate is doing pretty well for itself – it recently hit US$100 million in annualized revenue and has been profitable since 2021. Let’s find out more about the company.
- Making money move: Founded in 2016, Sunrate offers financial services such as B2B cross-border payments, global collection accounts, and treasury management.
- Cash in the bag: The company is backed by Peak XV Ventures, which was drawn to its large scale, fast growth, and profitability, according to Peak XV managing partner Abheek Anand. Sunrate co-founder Paul Meng revealed that it took “less than two months” for the firm to finalize the deal with Peak XV.
- Diversify and grow: Part of Sunrate’s success? Having a diversified business. This let the firm continue scaling during the pandemic, which affected its main cross-border payments vertical.
Read more: How Sunrate reached $100m in annualized revenue while staying profitable
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