Airwallex Co-Founder and CEO Jack Zhang
Global payments and banking platform Airwallex has closed its Series E extension round with US$100 million in funding.
The investors in this round are Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent.
Australian industry superannuation fund HostPlus and an unnamed North American pension fund also participated.
This brings Airwallex’s total funding to more than US$900 million and its valuation to US$5.5 billion.
Founded in Melbourne in 2015, Airwallex provides integrated solutions for business and personal cross-border transactions. It facilitates international money transfers through payment collection, foreign exchange, remittance and security settlement.
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The company accelerated its international expansion in 2021, extending its reach across Europe, North America and Asia Pacific. It serves three of the largest e-commerce markets in the world: China, the US, and the UK.
Airwallex said its customer base more than doubled and revenue increased by 184 per cent YOY. Multiple new products and services are also being planned in its 2022-23 roadmap, including improvements to its expense management platform and a credit solution.
Jack Zhang, Co-Funder and CEO at Airwallex, said: “The market environment remains challenging in the foreseeable future, and while we remain well capitalised, this additional runway allows us to continue our growth plans, product expansion, and hire some of the best talents in the world. By strengthening the breadth of our global reach and product offering, we can better empower our customers to unlock new market opportunities.”
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