Global FinTech Airwallex raised $300 million in an oversubscribed Series E1 funding round that includes an additional $100 million, giving the Melbourne, Australia, startup a $5.5 billion valuation, according to a press release emailed to PYMNTS.
Lone Pine Capital led the funding, with participation from existing investors 1835i Ventures and Sequoia Capital China. The latest funding round brings Airwallex’s total raised to $802 million. The fresh infusion of capital follows the startup’s third-quarter earnings that showed a 165% year-over-year revenue increase, and annualized revenue topping $100 million.
“Our record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses,” said Jack Zhang, co-founder and CEO of Airwallex.
“As we approach our sixth anniversary, we want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world. This new capital injection will allow us to do just that, fueling M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders,” Zhang said.
Airwallex has been busy scaling its operations across APAC and EMEA, and has made entry into the U.S. that is gaining momentum. In addition, the company introduced virtual employee cards in Hong Kong and the U.K., and moved into Southeast Asia after being granted payment licenses in both Singapore and Malaysia.
“Airwallex’s achievements in the last quarter alone showcase the strength of the company’s business model and its unique ability to meet their customers’ evolving needs in a competitive digital payments market,” said David Craver, co-chief investment officer at Lone Pine Capital. “The future is bright for Airwallex, and we look forward to helping its team unlock greater growth opportunities as it continues to expand globally.”
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