New funding boosts Airwallex’s value to $7.6 billion

  • By Zilla Efrat

Australian fintech, Airwallex, has raised an extra US$100 million (A$138 million) in an oversubscribed Series E1 financing round in a move that boosts its valuation to US$5.5 billion (A$7.6 billion) as it looks to accelerate its global expansion plans.

Lone Pine Capital was again the lead for this financing, alongside other existing investors such as ANZ venture capital partner 1835i Ventures and Sequoia Capital China.

The global payments platform has now raised US$802 million (A$1.1 billion) since it was established in 2015.

This latest raise follows a strong third-quarter performance, where Airwallex recorded a 165 per cent rise in year-on-year revenue. Annualised revenue exceeded US$100 million (A$138 million). Airwallex also hired more than 200 additional people as it works on strengthening its presence in its core markets globally.

“Our record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses,” says 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, fuelling M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders.”

In the last quarter, Airwallex continued to scale its business across APAC and EMEA, while also achieving early momentum in the US. It launched its virtual employee cards in Hong Kong and the UK, marked its entry into Southeast Asia with licences in Singapore and Malaysia, and continued to onboard new global customers.