[Singapore, November 3, 2022]
As announced at Singapore FinTech Festival 2022, fintech company SUNRATE, the global payment and treasury management platform launched its global headquarters in Singapore in a bid to expand further into Southeast Asia.
The firm believes that there is an increasing demand for B2B payment and treasury management solutions as the payments industry revenues rebounded strongly in 2021. According to a McKinsey & Company report, the payments industry revenue beat forecasted estimates by growing more than 11 percent rate—reaching a new high of $2.1 trillion globally with the APAC region registering double-digit gains.
"Companies that need payment solutions more often than not also need treasury management capabilities. Our customers and prospects have constantly feedback to us that they want to work with platforms or solution providers that can offer payment and treasury management holistically and in the current market, there are very limited choices. We have a vision for SUNRATE to be the go-to B2B payment and treasury management platform, especially for emerging markets. Therefore, setting up our global headquarters in Singapore to serve as a launchpad for the region and subsequent global expansion efforts is a natural next step for us;" said Joshua Bao, co-founder, SUNRATE.
Founded in 2016, SUNRATE achieved profitability since 2020. This year, SUNRATE achieved 250% increase in its total transaction volume as compared to 2021, together with strong growth momentum in both customer base as well as profit margin.
SUNRATE offers international payments, global collection accounts, transactional FX, card issuance, and more recently offers features like TreasuryOS and ForexOS as part of its global vision to drive B2B digitalisation for companies worldwide. The firm which expanded into Hong Kong and UK/EU in 2016 and 2017 respectively, has identified Singapore, Indonesia and Thailand as key markets in Southeast Asia. It is also looking to expand into Malaysia, Vietnam and Philippines by the end of 2023. SUNRATE has more than 400 employees globally.
"These growth plans will bolster our business operations globally, as well as highlighting our commitment to the region. Achieving initial success in the region has paved the way for us to carry out aggressive local team expansion in both Singapore and Indonesia. We look forward to cementing our presence in Southeast Asia to support the needs and business growth of our customers and partners," said Wayne Hu, Chief Strategy Officer, SUNRATE.
SUNRATE also completed a series C funding round in 2021 for its global expansion plans and products and solutions development. The funding round was led by SoftBank Ventures Asia. SUNRATE’s existing investors including Redpoint China Ventures, JAFCO Asia, China Growth Capital, and K2 Venture Capital also took part in the funding round.
Key hires to accelerate growth
Based in Singapore, Coco He and Darren Thang have been named general manager and head of marketing respectively, ahead of its expansion into the region. Coco has been tasked with managing the firm’s strategic direction in Southeast Asia, particularly with regards to the growth of business development function; partnership key stakeholders; and the development of products and operations. Coco has a myriad of experience across startups and multinational firms, such as Microsoft, Apple, more recently as the director of group operations for Hoolah. Previously, she was the regional business planner at Apple.
Darren has been tasked to oversee the company’s brand awareness, lead generation, and sales enablement initiatives. Darren has a decade of marketing leadership experience across startups and multinational firms, such as B Capital Group, Hatcher+ and PhillipCapital Group. Previously, he was the head of marketing, APAC at Railsr, formerly known as Railsbank.
SUNRATE is still actively hiring for both Singapore and Indonesia locally.
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.
For media enquiries, please contact marketing@sunrate.com
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