SUNRATE, an intelligent global payment and treasury management platform based in Singapore, has announced on Tuesday 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, SUNRATE said in a statement.

Cited FXC Intelligence, SUNRATE said the global business to business (B2B) cross-border payments market is expected to reach a total of $56.1 trillion in volume by 2030.

SUNRATE said the firm is poised to capitalize on this massive market potential.

It said the firm 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 the Capital Markets Services (CMS) licence from the Monetary Authority of Singapore (MAS).

It is noted that SUNRATE is one of the few companies in Singapore which also holds a Major Payment Institution (MPI) license 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.

“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.

Since its inception in 2016, SUNRATE is recognized as a solution provider and has enabled companies to operate and scale both locally and globally in 150+ countries and regions with its proprietary platform, extensive global network, and robust application programming interfaces (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.

“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,” he added.

Prosperity7 Ventures is the diversified growth fund of Aramco Ventures, a subsidiary of Aramco, the world’s integrated energy and chemicals company.

The fund invests globally, with a long term-view, in breakthrough technologies and transformational business models that will bring prosperity and positive impact on a vast scale.

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