Airwallex Raises $200M for Global Expansion, Product Development

Airwallex Raises $200M for Global Expansion

Australian FinTech platform Airwallex has raised $200 million in Series E funding for global expansion, product development and adding new employees in its sales and commercial divisions, according to a Monday (Sept. 20) press release.

“From the start, our vision has been to build a global financial operating system that will allow modern businesses to operate without borders,” said Airwallex CEO Jack Zhang in the release. “This additional capital enables us to scale our presence in North America, U.K., Europe and other new markets, including the Middle East, South America and Southeast Asia, and become a dominant leader in global payments.”

Airwallex’s oversubscribed Series E fundraising round, which was led by Lone Pine Capital, follows its Series D round in March and brings its valuation to $4 billion, the release stated.

The Series E round also included new investors G Squared and Vetamer Capital, as well as existing investors 1835i Ventures (formerly ANZi), DST Global, Salesforce Ventures and Sequoia Capital China. Airwallex has raised more than $700 million in funding since its inception, according to the release.

Airwallex recorded 150% year-over-year growth for the first half of 2021, processing more than $20 billion for its global client base. The company has almost 1,000 employees in 20 worldwide locations, the release stated.

Earlier this month, Airwallex secured a money services business (MSB) license from Bank Negara Malaysia, which will allow it to offer integrated international payment solutions for Malaysian businesses.

Read more: Airwallex Obtains Money Services Business License In Malaysia

Malaysian businesses will be able to send and receive international payments in multiple currencies next year, and Airwallex will continue its growth in southeastern Asia, with services also available in Singapore.

“For many businesses, operating across borders is expensive, time-consuming and cumbersome,” Zhang said at the time. “This pain point is exactly why we started Airwallex. From Day One, we set out with a purpose to empower businesses of all sizes to grow without borders.”