International payments company Airwallex has closed a $6m investment from Square Peg Capital, as part of a new partnership.
Melbourne-based Airwallex is a cross-border payments solution that supports international money transfers through payment collection, foreign exchange and local payment distribution. The platform is supported by a foreign exchange, payment engine and transparent pricing model to lower market risk. The company main target for clients is financial institutions.
With the new line of funding the company plans to further the company’s international expansion, and empower more businesses to utilise it solution. The company currently operates across the Asia Pacific region, and
Airwallex co-founder and CEO Jack Zhang said, ?I have personally been inspired by Paul (Bassat, of Square Peg) since seeing a speech he gave while I was still at uni so to now be working with him on my own startup is almost indescribable. Square Peg support will allow us to continue Airwallex mission to eradicate the burden of international payments so that businesses can transact across borders with ease.p>
This capital injection comes just months after the company raised $13m in its Series A funding round, led by Chinese web giant Tencent. Sequoia Capital China, MasterCard and Gobi Ventures also contributed to the round.
Since launch, the company has raised a total of $22m, and last year it was a member of the MasterCard Start Path accelerator.
This month has seen a host of Australian FinTech companies raise capital, with the most recent being e-commerce software developer Fluent Commerce closing a $6.5m round. Other deals include data management and digital identity platform Brontech being acquired by Ookami and online loan marketplace Credible bagging $50m from its IPO on the Australian Securities Exchange.
Last month, Australia and Dubai regulators signed an agreement to cooperate on FinTech, with an aim of supporting solutions within each other countries.
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