Australian fintech Airwallex has secured US$100mn in funding for its extended Series E round (Series E2).
The investment win, which brings Airwallex’s total funding to date to the $900mn mark, was secured from existing investors, including Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures, and Tencent. HostPlus, an Australian industry superannuation fund, as well as a leading North American pension fund also participated in this round.
The additional funding also AirWallex hold firmly on to its $5.5bn valuation - an achievement that is becoming increasingly rare in these times of economic uncertainty.
Airwallex plans to scale its operations with the US$100mn investment round
Founded in 2015, Airwallex offers one of the world’s most powerful payments and banking infrastructure platforms and its technology enables businesses of all sizes to accept payments, move money globally, and simplify their financial operations, all in one single platform.
The additional $100mn in funding will enable Airwallex to go full throttle on its global growth trajectory strategy. The Melbourne-founded fintech accelerated its international expansion in 2021, extending its rollout across Europe, North America, and Asia Pacific. It now serves three of the largest e-commerce markets in the world; namely China, the US, and the UK.
A challenging market environment for fintechs
Airwallex has seen its business grow in recent months, with its customer base more than doubling and revenue increasing by 184% 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, as the company continues to invest in product innovation on top of market expansion and talent acquisition.
Speaking about the latest successes, Jack Zhang, Co-founder and CEO at Airwallex, said, “The valuation underscores investors’ confidence in Airwallex’s core business value and fundamentals, and we are fortunate to have the continued support of our existing investors, and the confidence of new investors, as we pursue our vision to become the global economic infrastructure for modern businesses.”
He continued, “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.”
Zhang added, “We are building one of the world’s most powerful global payment and banking infrastructures. By providing a faster, safe, transparent, and more efficient way to operate globally, we are enabling businesses to maximise revenues and accelerate growth.”