Airwallex, an Australia-based fintech company, has reportedly secured $108 million through its Series B funding round, which included investments by Tencent, Sequoia China, and Paul Bassat’s Square Peg. This news comes just a little over one year after the company raised 13 million through its Series A funding round.
As previously reported, Airwallex, which was founded in 2015, is a foreign exchange market that makes and crosses border payments on Asia-Pacific markets. The company facilitates international money transfers through a combination of payment collection, foreign exchange, and local payment distribution. At the time of the Series A round, Airwallex Co-Founder and CEO, Jack Zhang, stated:
“The continued growth of international trade and the global economy rely on efficient cross-border transactions. Our mission is to eradicate the burden of international payments so that businesses can transact across borders with ease. Armed with a growing number of financial services licences and partnerships across numerous jurisdictions, we aim to make international payments as cheap and simple as domestic payments.”
Airwallex revealed to Business Insider Australia that a significant portion of the new funds will go towards obtaining financial licenses in Hong Kong to further facilitate its operations in the market. The funds will also go towards expanding Airwallex’s platform in the UK.
The media outlet also reported that figures from Internet Dealbook revealed that Airwallex’s latest investment round is considered the second-largest funding round in Australian history, which is behind Campaign Monitor’s 2014 round, which raised $250 million in USD.