Airwallex has raised an additional USD $100 million at a valuation of USD $5.5 billion, the same as its previous round. The “Series E extension” raising money from existing investors, Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent. HostPlus also participated in the round.
Based in Australia, Airwallex is a Fintech that powers payments and “banking infrastructure.” The additional funding will be utilized to continue its global expansion. The company already operates in Europe, North America as well as the Asia Pacific region.
Jack Zhang, co-founder and CEO at Airwallex, said the valuation of the funding showed confidence from investors in their vision. In recent months some Fintechs had to raise capital at a serious discount to prior rounds as the global economy falters.
“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,” said Zhang. “By strengthening the breadth of our global reach and product offering, we can better empower our customers to unlock new market opportunities.”
Airwallex reports that its services are utilized by “tens of thousands” of businesses around the world, including the US, China and the UK.
“We are building one of the world’s most powerful global payment and banking infrastructure,” added Zhang. “By providing a faster, safe, transparent and more efficient way to operate globally, we are enabling businesses to maximise revenues and accelerate growth.”
Airwallex predicted that its customer will more than double this year. Multiple new products are also being planned in its 2022-23 roadmap, including improvements to its expense management platform and a credit solution.