Aussie fintech Airwallex scored $254 million in its latest funding round, as it plans to drive growth across Europe and the US

Airwallex co-founder Jack Zhang. (Image: Supplied)
  • Aussie fintech Airwallex has raised US$160 million (AU$254 million), the largest amount it has raised so far.
  • The company will use the funds to drive up its growth in the US, Europe and the Middle East.
  • The funding round comes after Airwallex reached unicorn status in 2019.
  • Visit Business Insider Australia’s homepage for more stories.

While some businesses have been struggling to adjust during the coronavirus pandemic, Aussie fintech Airwallex has managed to secure US$160 million in funding – its biggest funding raise to date.

The funds will be used to ramp up the company’s growth mainly in the US and Europe, as well as new markets like the Middle East. Airwallex will expand its product line and look at possible acquisitions in the payments space.

Airwallex is a cross-border payments service that lets you make domestic and international payments through its platform. In 2019 it teamed up with Visa to launch borderless, multi-currency cards for businesses and earlier in 2020 announced an integration with accounting platform Xero.

Founded in Melbourne in 2015, the company’s latest funding round brings the total amount of money it has raised to over US$360 million.

Airwallex co-founder and CEO Jack Zhang said in a statement, “The global shift to digital is imminent.”

“We envision a world in the not-too-distant future where all businesses will operate and conduct their affairs online – including banking – with the help of modern tools. From the very beginning, our vision has been to lead the transformation of global financial infrastructure.

“We have stayed true to our vision by building the Airwallex platform with fast and agile technology, continually improving our product and investing in dedicated support teams.”

Zhang added that “more than ever”, the company is “well-positioned to support businesses no matter their size as they adapt to today’s changes.”

The latest funding round was led by new investors ANZi Ventures – ANZ Bank’s venture capital firm – and Salesforce Ventures, as well as existing investors such as Tencent, Sequoia Capital China and Hillhouse Capital.

“The commitment and confidence from both new and existing investors in this round is a strong validation of our successes and our strategic vision,” Zhang said. “With their support, we look forward to accelerating our growth and further empowering businesses across the globe.”

Airwallex reached unicorn status in March 2019 – marking it as one of a growing list of private startups valued at more than a billion dollars. It is on the list with other Australian businesses like Canva, Culture Amp and more recently, SafetyCulture.

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