China Growth Capital has led a series A round worth tens of millions of RMB in Sunrate, a financial technology company focused on providing cross-border payment and exchange-rate risk-management solutions.
Sunrate's caters to growing demand from China's small and mid-size import-export businesses. In the first five months of this year, China's total import and export value reached US$1.5 trillion, up 13% year-on-year. While 70% of that total was by large-sized enterprises served by traditional financial institutions, the remaining 30% was by small and medium-sized enterprises (SMEs) that have more difficulty securing high-quality financial services, according to the Ministry of Commerce of People's Republic of China.
"Sunrate mainly targets SMEs, providing global payment and exchange rate management solutions services with better efficiency...
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