SUNRATE, a Singapore-based intelligent global payment and treasury management platform, announced Thursday that it has raised an extended Series D (Series D-2) funding round from Sequoia Capital Southeast Asia (now known as Peak XV Partners).

Prosperity7 Ventures and Softbank Ventures Asia also contributed to the round, SUNRATE said in a statement.

According to the statement, the funding will enable SUNRATE to accelerate its global expansion plans by driving innovative development of its technologies, deepen cutting-edge products and services, hire top industry talent and also provide the flexibility to explore additional strategic opportunities.

SUNRATE intends to use funds from this round to accelerate growth in the emerging markets, such as Southeast Asia and India, and continue to onboard new customers globally. The company will continue to bring in top talents to match its overall global growth trajectory.

“We started SUNRATE with the modest goal of bettering the payments experience of small to medium-sized businesses (SMBs),

“Through the years, we have witnessed first-hand how our products and services have benefited businesses; by providing fast secure transactions, high-touch customer service as well as lower and transparent costs,” said Paul Meng, Co-Founder at SUNRATE.

He also said that having prestigious investors like Peak XV Partners come onboard this journey with them is testament to their efforts and performance – in cementing themselves as the go-to leading global cross-border B2B payment platform in emerging markets.

“By removing business payments friction and helping businesses to digitalize, SUNRATE empowers businesses — helping them to scale across borders seamlessly and effectively,” he added.

SUNRATE is a firm provides global payment products and services for businesses worldwide, including international payments, global collection, commercial card issuance and treasury management.

Businesses can make payments to more than 150 countries and transact in more than 100+ currencies.

They also enjoy global collection services available in over 30 currencies, collect funds in over ten major global currencies (as if they were local payments), and settle card spends in more than 15 currencies.

As part of SUNRATE’s global vision to drive business to business (B2B) digitalization, it also offers effective treasury management tools such as TreasuryOS and RiskOS, to enable businesses to manage and oversee their financial assets, liabilities, and liquidity.

In the last year, SUNRATE’s business has significantly scaled and achieved great momentum across emerging markets.

According to the statement, the influx of investment is timely when the emerging market opportunities for SUNRATE in global cross-border B2B and card payments are still expanding at a rapid pace.

Cited FXC Intelligence, it said the global B2B cross-border payments market is expected to total $56.1 trillion in volume by 2030.

“Cross-border business payments serve as a vital foundation for the multi-trillion dollar global trade market,

“SUNRATE has built a proprietary global payment network and a diverse product portfolio to provide fast, compliant, and low cost payment capabilities to customers across multiple markets in Asia,” said Abheek Anand, Managing Director at Peak XV.

He said the firm is excited to partner with the team as they continue to expand rapidly and sustainably as the emerging market leader in this massive category.

Peak XV Partners is a venture capital and growth investing firm investing across India, Southeast Asia and beyond.

Over the last 17 years of its operations in the region, Peak XV has grown to manage over $9 billion in capital across 13 funds and invested in over 400 companies.

Singapore’s SUNRATE closes Series D-1 funding round with Prosperity7 Ventures as lead investor