Jack Zhang, CEO and co-founder of Airwallex. Image: Airwallex
Australian fintech firm Airwallex has raised $160m in funding, which will be used to expand its product line and global footprint.
Australian fintech firm Airwallex has announced that it raised $160m in Series D funding, which the company will use to accelerate worldwide growth in Europe, the US and new markets.
The investment round includes participation from ANZi, the corporate venture arm of ANZ Bank, and Salesforce Ventures. Airwallex also saw the return of existing investors in this round, including DST Global, Tencent, Sequoia Capital China, Hillhouse Capital and Horizons Ventures.
Since the start-up was founded in 2015, it has raised more than $360m. This includes $100m in its last funding round in March 2019.
The business is led by CEO Jack Zhang, who spent a decade working in foreign exchange trading and investment banking before launching the start-up with Lucy Liu, Max Li and Xijing Dai.
Plans for the funding
The company’s payments platform includes foreign currency accounts that let businesses receive money from around the world.
As well as expanding into Europe, the US and other new markets, Airwallex plans to expand its product line to include payment acceptance capabilities through a proprietary gateway solution as well as partner integration. The firm is also exploring acquisitions in the payments space to fast track its offerings in the coming months.
The company said that it has “significantly enhanced its product capabilities” while expanding its physical presence, to include the launch of Airwallex Borderless cards which were created in partnership with Visa and integrated with Xero.
The Melbourne-headquartered business has offices in Hong Kong, Shanghai, Singapore, Shenzhen, Beijing, London and San Francisco.
Looking to the future
Zhang, CEO of Airwallex, said: “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.
“More than ever, we are well-positioned to support businesses no matter their size as they adapt to today’s changes. The commitment and confidence from both new and existing investors in this round is a strong validation of our successes and our strategic vision.”
Rob Keith, head of Australia at Salesforce Ventures, added: “Being able to transact and do business with customers all over the world is a key criteria for companies who are going through a digital transformation. We’re excited to partner with Airwallex at this critical time in its growth, expanding both its footprint globally and its product capabilities.”
Updated, 3.55pm, 20 April 2020: This article was updated to clarify that Airwallex has raised more than $360m.
