Airwallex Notches $100M to Foster Continuing Market Expansions

Global FinTech Airwallex raised an additional $100 million in a Series E extension funding round to help foster continuing international market expansions and support current strengths in powering payments and banking infrastructure.

With at $5.5 billion valuation, the round included existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures, Tencent and HostPlus, according to a Tuesday (Oct. 11) press release.

“The valuation underscores investors’ confidence in Airwallex’s core business value and fundamentals, and we are fortunate to have the continued support of our existing investors, and the confidence of new investors, as we pursue our vision to become the global economic infrastructure for modern businesses,” Airwallex Co-founder and CEO Jack Zhang said in the release.

See also: Shopify Partners With Airwallex to Drive Global Payments

The additional $100 million capital from the extension puts Airwallex’s total funding to over $900 million, which is being used to help the startup grow on an international level, according to the release.

“The market environment remains challenging in the foreseeable future, and while we remain well capitalized, this additional runway allows us to continue our growth plans, product expansion, and hire some of the best talents in the world. By strengthening the breadth of our global reach and product offering, we can better empower our customers to unlock new market opportunities,” Zhang added.

Read more: Visa Considers Taking Stake in FinTech Airwallex

Headquartered in Melbourne, Australia and co-founded in 2015 by Zhang and President Lucy Yueting Liu, Airwallex started growing its international footprint in 2021 across Europe, North America and Asia Pacific. The company now serves three of the biggest worldwide eCommerce centers — the U.S., China and the U.K.

The company has posted continuing business growth, with its customer base more than doubling and revenue increasing by 184% year over year, per the release. For the rest of this year and into 2023, Airwallex is planning to make improvements to its expense management platform and introduce the addition of a credit solution.