Cross-border payments and treasury management platform SUNRATE has raised a Series D-1 funding round led by Prosperity7 Ventures to fund its expansion and strategic investment plans, according to a statement on Wednesday.
Prosperity7 Ventures is a diversified growth fund under Aramco Ventures, a subsidiary of the Saudi Arabian energy giant Aramco.
Existing investor Softbank Ventures Asia, an early-stage venture capital firm based in Seoul, which had led Singapore-headquartered SUNRATE’s Series C funding round in late 2021, joined the round.
The fresh funding will be used to scale SUNRATE into other emerging markets, which may include the Middle East, the company’s co-founder Paul Meng 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,” said Meng, noting that the investments from Prosperity7 Ventures put the company “in a great position” for accelerated growth.
“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,” said Aysar Tayeb, Prosperity7 Ventures executive managing director.
Founded in 2016, SUNRATE has grown globally with branches in Shanghai, Hong Kong, Tokyo, Singapore, Jakarta, and London.
The funding announcement came after SUNRATE obtained the Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS). SUNRATE also holds a Major Payment Institution (MPI) licence from MAS for services such as account issuance, domestic money transfer, cross-border money transfer, merchant acquisition, and e-money issuance.
SUNRATE raised its Series A round in 2017 worth “tens of millions of RMB” from China Growth Capital.