B2B Payments

Airwallex Tops Up Series A Funding With Square Peg

Following a $13 million Series A venture capital round this year, international payments company Airwallex has announced more funding.

The firm said it added $6 million to the Series A funding, bringing the total raised this round to $19 million, according to news from Dynamic Business. Square Peg led the investment for the Australian company.

Last month, Airwallex made its debut on the FinTech 100 list consolidated by KPMG and H2 Ventures.

In an interview with the publication, Airwallex Co-Founder and CEO Jack Zhang said the funding is more of an opportunity to collaborate with Square Peg rather than solely a source of funding.

“Square Peg’s proven track record of fostering growth in startups from the early days into multimillion-dollar global businesses speaks for itself,” the executive said. “From there, the conversations moved into how our two operations could partner. The announcement of the funding is the final result of that.”

He added that Airwallex plans to use the funds to fuel expansion, especially across Asia.

The company recently gained new ground across Europe when it announced earlier this month that it struck a collaboration with U.K.-based RailsBank, an open banking platform that facilitates connectivity in the U.K. and EU SEPA zones. RailsBank will link its customers to Airwallex’s cross-border payments and foreign exchange (FX) services through the partnership.

“As Airwallex continues to expand, we have partnered with RailsBank to ensure we can meet the demand we see from European businesses sending payments to Asia and vice versa,” said Airwallex VP of Europe Expansion Michael Stachowiak in a statement at the time. “Our partnership with RailsBank means we can hook into domestic payment methods through one integration to offer our customers a fast and viable new access point to transact in and out of Europe, encouraging greater transactions and trade between a strengthening European economy and the tiger economies of the Far East.”

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