Airwallex raises $100M at a $5.5B valuation to expand its business banking and payments platform globally
The company is announcing growth funds today in order to capitalise on that possibility even further.Airwallex, based in Hong Kong and Melbourne, has raised $100 million in funding, which it will use to grow its banking and payments companies into new areas and invest in new technologies.
The funding, which is led by Lone Pine Capital and includes previous partners 1835i Ventures (the venture arm of ANZ, the Australia and New Zealand Banking Group) and Sequoia Capital China, increases the total amount raised to $300 million.With this latest contribution, Airwallex’s valuation has been increased to $5.5 billion (up from $4 billion in September). According to our sources, the corporation was receiving term sheets worth up to $7 billion from foreign investors (that outside interest was what prompted the round in the first place).
Airwallex now boasts about 20,000 customers across a variety of industries, including e-commerce, tech/SaaS businesses, and professional services. It also has 500 big platform customers (such as Papaya Global and GOAT) that have integrated Airwallex’s capabilities into their own platforms to facilitate transactions for their own customers. As a result of a few critical world events, that business has witnessed a significant increase in activity.
For starters, the COVID-19 epidemic has prompted a significant shift in consumer and corporate behaviour toward e-commerce. In order to accommodate more clients, firms have had to expand their financial infrastructure. They’ve also had to expand their financial reach to reach clients in ever-wider geographies as e-commerce has torn down boundaries to where they can do business. COVID-19 has also wreaked havoc on supply chains, forcing firms to rethink how they handle them: they may now need to engage with additional partners and be flexible enough to pay different people on a month-to-month basis.
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