SUNRATE will use the funds to spearhead further expansion plans and deepen the company’s cutting-edge products.
Heaptalk, Jakarta — Global payment and treasury management startup SUNRATE announced has closed new funding in D-1 Series round for an undisclosed amount from Prosperity7 Ventures.
According to FXC Intelligence, the global B2B cross-border payments market is projected to attain US$56.1 trillion in volume by 2030. The Singapore-based startup intends to capitalize on the potential to spearhead further expansion plans and make strategic investments to deepen the company’s cutting-edge products, such as international payments and global collection services.
In this challenging macroeconomic environment, the Co-Founder of SUNRATE Paul Meng stated that having new and existing prestigious investors invest in the company is a testament to its sustained robust, and proven capability.
He conveyed that Prosperity7 Ventures’ investment put the company in an excellent position for accelerated growth and to sustain the ever-increasing demand for the industry-leading global B2B cross-border payment solution in emerging markets with a plan to scale into other emerging markets such as the Middle East.
Besides revealing new funding, this financial technology company also announced that it has successfully obtained in-principle approval for Capital Markets Services (CMS) license from the Monetary Authority of Singapore (MAS). SUNRATE is one of the few companies in Singapore which also holds a Major Payment Institution (MPI) license from MAS for Account Issuance Services, Domestic Money Transfer Services, Cross-border Money Transfer Services, Merchant Acquisition Services, and E-money Issuance Services, on top of the CMS license.
The Executive Managing Director of Prosperity7 Ventures, Aysar Tayeb, viewed that applying advanced technology to resolve finance and payment challenges can unlock the massive potential to significantly transform the economy and society. Over the past few years, Tayeb noticed SUNRATE has successfully built an extensive B2B payment network that addresses a significant bottleneck in facilitating quick and painless cross-border payments.
“We are delighted to lead this investment round as we partner with SUNRATE and support the continued growth and expansion of their unique payment system across new geographies,” concluded Tayeb.
