In its most recent D-1 funding round, Prosperity7 Ventures, the diversified growth fund under Aramco Ventures, invested in SUNRATE, an intelligent global payment and treasury management platform based in Singapore.
In addition to a subsequent investment from Softbank Ventures Asia, Prosperity7 Ventures served as the lead investor in the D-1 funding round, according to a statement from SUNRATE.
According to SUNRATE, who cited FXC Intelligence, the global business-to-business (B2B) cross-border payments market is anticipated to reach a total volume of $56.1 trillion by 2030.
According to SUNRATE, the company is ready to take advantage of this enormous market opportunity.
According to the statement, the company plans to use the money to drive forward additional expansion plans as well as make strategic investments to further develop SUNRATE’s cutting-edge products and services, such as international payments and global collection services, to strengthen its position as a leading cross-border B2B payment platform in emerging markets.
Recently, SUNRATE also disclosed that it had been granted a license by the Monetary Authority of Singapore (MAS) for Capital Markets Services (CMS).
In addition to the CMS license, it should be noted that SUNRATE is one of the few businesses in Singapore to also hold a Major Payment Institution (MPI) license from the MAS for Account Issuance Service, Domestic Money Transfer Service, Cross-Border Money Transfer Service, Merchant Acquisition Service, and E-money Issuance Service.
“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,” said Paul Meng, Co-Founder at SUNRATE.
With its proprietary platform, extensive global network, and strong application programming interfaces (APIs), SUNRATE has established itself as a solution provider since its founding in 2016. It has helped businesses operate and scale both locally and internationally in more than 150 countries and regions.
SUNRATE partners with the top international financial institutions, including Citibank, Standard Chartered, and Barclays, and is the primary member of both Mastercard and Visa. SUNRATE has its global headquarters in Singapore and offices in Hong Kong, Jakarta, London, and Shanghai in addition to its offices in Singapore.
“The application of cutting-edge technology to address finance and payment challenges can unlock massive potential and have a 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,” he added.
The diversified growth fund of Aramco Ventures, a division of the world’s largest integrated energy and chemicals company, Aramco, is called Prosperity7 Ventures.
The fund makes long-term investments across the globe in innovative technologies and business models that will have a significant positive economic and social impact.