Mar 25, 2021

Cross-border payments fintech Airwallex valued at $2.6bn

Airwallex
Digitalpayments
Fintech
cross-borderpayments
William Girling
2 min
Cross-border payments fintech Airwallex valued at $2.6bn
Continuing a period of “hypergrowth” that started in 2020, Australian cross-border payments pioneer Airwallex has reached a value of US$2.6bn...

The news came following the addition of $100m to its Series D funding round, which has now reached $300m. This means that Airwallex has raised a total of $500m in capital since it was founded in 2015.

US-based global investment firm Greenoaks - a long-standing backer of digital innovators like Deliveroo, Stripe and Checkout.com - led the round, with additional support from Grok Ventures, Skip Capital and ANZi Ventures.

That Airwallex reached unicorn status in 2019 and has subsequently almost tripled its value in two years emphasises the achievement.

A digital world: Payments without borders

With the growing popularity of cryptocurrencies in the APAC region, most recently in the Philippines, and indeed the rest of the world, it seems clear that digital payments are becoming the dominant method of transaction.

According to Jack Zhang, Co-Founder and CEO of Airwallex, “the world will only become more digital,” and his company is poised to capitalise on that momentum.

“This year, we are focused on our global expansion. We continue to extend our international footprint, and are bolstering our capabilities through partnerships and new product launches. Strengthening our investor base with the addition of Greenoaks will also help us accelerate that progress. We look forward to their support as we forge ahead on our journey to become a global financial cloud.”

Airwallex’s ethos has always been to create a world where national borders don’t complicate payments, and this latest funding round is being viewed by its executive leadership as an affirmation of that sentiment. Moreover, Jeremy Kwong-Law, CEO and CIO at Grok Ventures, sees the company as a force for modernisation and simplification:

“It is so impressive to see Airwallex’s relentless pursuit of rewiring clunky financial infrastructure and turning that into a simple and delightful product experience for their customers. We are excited about the huge potential this team can deliver in the years ahead."

Lucy Yueting Liu is fifth in our Top 100

Featuring at number five on FinTech Magazine’sTop 100 women in fintech’ list, Lucy Yueting Liu, Co-Founder and President of Airwallex, is a true sector leader.

Prior to forming Airwallex, Liu worked at Barclays and CICC. Known for possessing strong organisational skills and a competitive edge, which have seen her broker the trust of high-profile investors and customers alike, her value to one of APAC’s most influential fintechs is clear.

“With the market evolving, there are more payment players,” commented Liu. “We like to think we’re more tech than fin. It just happens we’re solving financial services problems with technology.”

Image source: Airwallex

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Jul 28, 2021

Nymbus enters strategic partnership with Plaid

Fintech
NYMBUS
Plaid
Digitalpayments
2 min
Nymbus has partnered with Plaid to help meet customer demand for connecting to digital finance apps

Nymbus, a leading provider of banking technology solutions, has partnered with Plaid, a data network powering the digital financial ecosystem, to more instantly authenticate and fund customer bank accounts for financial institutions. 

This new integration will allow Nymbus bank and credit union clients to securely onboard new users in a matter of seconds, which in turn translates to more active and engaged banking experiences. Plaid’s data network enables consumers to connect their financial accounts at over 11,000 institutions globally to more than 5,000 digital finance apps, including leading payments, investing, and budgeting tools.

 

What are the benefits of the integration?

 

Benefits of the Nymbus and Plaid integration for financial institution customers include:

  • Improve user identity verification and reduce fraud.
  • Instantly authenticate and link members’ bank accounts.
  • Streamline ACH transfers between any bank or credit union in the US.
  • Access and analyse comprehensive transaction data.
  • Validate real-time account balances to protect against overdraft and enable account pre-funding.

“As more consumers than ever before rely on digital finances for their everyday lives, financial institutions need to meet their customers where they are while supporting safe and reliable money management experiences,” said Sarah Howell, Chief Alliance Officer at Nymbus. “Our expanding network of partners are important contributors to Nymbus’ combined portfolio of the technology, people and process available to quickly innovate with new routes to market and revenue streams.”


 

Continuous growth and expanding partnerships

 

Founded in 2015, Nymbus has continued to grow. Most recently the company has closed a new round of financing led by the Curql Fund. The US$5 million investment will be used towards Nymbus CUSO and accelerate a shared commitment to breakthrough technology for ensuring continued growth and stability for the credit union community.

Nymbus CUSO was founded in March 2021 to help break through barriers to growth, and its mission is to connect credit unions with trusted fintech offerings that both simplify technology delivery and enable new digital revenue opportunities.

Last year Plaid set a goal to move 75% of its traffic to APIs by the close of 2021, calling it “one of our top priorities as the industry moves full-steam ahead toward a fully digital financial system.”


Recently it has announced an open finance partnership with Capital One, a digital finance innovator, and the successful completion of its migration to the Capital One API. They have also completed or have in-motion data access agreements with major US financial institutions, including U.S. Bank, JPMorgan Chase, Wells Fargo, and others.

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