Cross-border payments fintech Airwallex valued at $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.
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
“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
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.
Image source: Airwallex
Nymbus enters strategic partnership with Plaid
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.