Airwallex secures USD 100 million in extended series E round
Australian fintech Airwallex has secured $100 million in funding for its expanded Series E round (Series E2).
The investment win, which brings Airwallex’s total funding to date to $900 million, 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 pension fund, as well as a leading North American pension fund also participated in this round.
The additional financing also keeps AirWallex at its $5.5 billion valuation – a feat that is becoming increasingly rare in these times of economic uncertainty.
Airwallex plans to scale its operations with the USD 100 million investment round
Founded in 2015, Airwallex offers one of the world’s most powerful payment 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 a single platform.
The additional USD 100 million 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, expanding 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 United States and the United Kingdom.
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% year-on-year. Several new products and services are also planned in the 2022-23 roadmap, including improvements to the cost management platform and a credit solution, as the company continues to invest in product innovation in addition to market expansion and talent acquisition.
Speaking about the recent successes, Jack Zhang, co-founder and CEO of Airwallex, said, “The valuation underscores investor 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 of becoming the global financial infrastructure for modern businesses. “
He continued: “The market environment remains challenging for 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 talent 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, secure, transparent and more efficient way to operate globally, we enable businesses to maximize revenue and accelerate growth.”
