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Payment startup Airwallex secures another US$100m in Series E extension

Ry-Anne Lim
Published Tue, Oct 11, 2022 · 09:02 AM

FINTECH startup Airwallex has raised an additional US$100 million in a Series E extension, bringing the total funding raised in the round to more than US$900 million.  New investors HostPlus, an Australian industry superannuation fund, and an unnamed North American pension fund participated in the round. The funding round was also joined by existing investors including Tencent, Square Peg, Salesforce Venture, Sequoia Capital China, Lone Pine Capital, Hermitage Capital and 1835i Ventures.  The latest round of funding has helped the company sustain their valuation at about US$5.5 billion.

The proceeds will be used by Airwallex to accelerate its international expansion, said the startup in a Tuesday (Oct 11) press statement.

Co-founder and chief executive officer Jack Zhang added: “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… enabling businesses to maximise revenues and accelerate growth.”

Founded in 2015 by the owners of a Melbourne coffee shop including Zhang, Airwallex provides services including cross-border end-to-end payments and collection solutions for customers. According to its press release, the fintech platform currently serves the e-commerce markets in China, the US and the United Kingdom. 

Airwallex’s customer base had also more than doubled and revenue increased by 184 per cent year on year, it said. 

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It added that new products and services in the pipeline include improvements to its expense management platform and a credit solution. 

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