- Melbourne-based fintech Airwallex has raised $US80 million ($108 million) in a Series B funding round.
- It’s the second-largest funding round in Australian history.
- The company’s technology helps facilitate cross-border payments. Most of the new funds will go towards an international expansion strategy.
Australian fintech Airwallex has announced the successful completion of a $US80 million ($108 million) Series B funding round.
The latest capital injection — the second biggest funding round in Australian history — came from global venture capitalists and investors, including Asian giants Tencent and Sequoia China.
Both of those companies were involved in the Series A round in May last year, which raised around $17 million.
Australian company Square Peg Capital also participated, after initially investing around $US6 million last December.
Founded in 2015, Airwallex is a cross-border payments company which provides technology to facilitate international transactions in foreign exchange markets.
The company has operations in China, and is currently negotiating with Chinese authorities to arrange for a transition of its operating license following a round of regulatory changes.
The Melbourne-based company plans to use some of the funds raise to boost its offering to Australian companies looking to expand internationally.
“Airwallex wants to support Australian businesses with awesome financial products,” said COO and co-founder Lucy Liu.
“In providing these solutions, we intend to shake up the industries we’re playing in. We’re creating a better, more cost effective one-stop-shop solution using technology delivered here in Australia.”
The company also wants to continue its international expansion with the set up of offices in North America and Canada. That’s in addition to existing offices in Melbourne, Hong Kong, Singapore, London and Shanghai
“Airwallex has identified that businesses in all corners of the world are experiencing similar challenges as the pace and connectivity of a digitalised global economy continues to gain momentum,” Liu said.
“By offering full end to end solutions – not just in FX and payments – we’re changing the way our clients thrive in the global arena.”
Airwallex said a significant portion of the new funds raise will go towards obtaining financial licenses in Hong Kong to further facilitate the company’s operations in that market.
The funding will also go towards expanding the company’s platform in the UK, where it sees significant opportunities in facilitating connections with South East Asia.
Figures from Internet Dealbook show that the $108 million raised by Airwallex is the second-largest funding round in Australian history, behind the $US250 million raised by email marketing firm Campaign Monitor in 2014.
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