[Singapore, 28 Jun 2023]
SUNRATE, an intelligent global payment and treasury management platform announced today that Prosperity7 Ventures, the diversified growth fund under Aramco Ventures, has made an investment in the company in its latest D-1 funding round.
Prosperity7 Ventures led the D-1 funding round, which also included a subsequent investment by Softbank Ventures Asia.
According to FXC Intelligence, the global B2B cross-border payments market is expected to total $56.1tn in volume by 2030. SUNRATE is poised to capitalise on this massive market potential. SUNRATE intends to use the funds to spearhead further expansion plans, as well as make strategic investment to further deepen SUNRATE’s cutting- edge products and services, such as international payments and global collection services, to reinforce its position as a leading cross-border B2B payment platform in emerging markets.
Recently, SUNRATE also announced that it has successfully obtained in-principle approval of Capital Markets Services (“CMS”) licence from the Monetary Authority of Singapore (“MAS”). SUNRATE is one of the few companies in Singapore which also holds a Major Payment Institution (MPI) licence from MAS for Account Issuance Service, Domestic Money Transfer Service, Cross-border Money Transfer Service, Merchant Acquisition Service, and E- money Issuance Service, on top of the CMS licence.
Mr Paul Meng, co-founder at SUNRATE said, “in this tough macro-economic environment, having new and existing prestigious investors invest in SUNRATE is a testament to our sustained strong growth and proven capability. The investments from Prosperity7 Ventures puts us in a great position for accelerated growth and to sustain with the ever-increasing demand of our 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.”
”The application of cutting edge technology to address finance and payment challenges can unlock massive potential and have significant positive impact in transforming economy and society,” said Aysar Tayeb, the Executive Managing Director of Prosperity7 Ventures. “Over the past few years, SUNRATE has been successfully building an extensive B2B payment network that addresses an important bottleneck in facilitating quick and painless cross-border payments. We are very pleased to lead this round of investment, as we partner with SUNRATE and support the continued growth and expansion of their unique payment system across new geographies.”
About SUNRATE
SUNRATE is an intelligent global payment and treasury management platform for businesses worldwide. Since its inception in 2016, SUNRATE is recognised as a leading solution provider and has enabled companies to operate and scale both locally and globally in 150+ countries and regions with its cutting-edge proprietary platform, extensive global network, and robust APIs. With its global headquarters in Singapore and offices in Hong Kong, Jakarta, London and Shanghai, SUNRATE partners with the top global financial institutions, such as Citibank, Standard Chartered, Barclays and is the principal member of both Mastercard and Visa.
About Prosperity7 Ventures
Prosperity7 Ventures (P7) is the diversified growth fund of Aramco Ventures, a subsidiary of Aramco, the world’s leading integrated energy and chemicals company. The fund’s name derives from ‘Prosperity Well’, the 7th oil well drilled in Saudi Arabia and the first to strike oil. Taking forward this pioneering history, we invest globally, with a long term-view, in breakthrough technologies and transformational business models that will bring prosperity and positive impact on a vast scale.
www.prosperity7vc.com/
Important note: This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of securities of SUNRATE in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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