Australia-based payments firm Airwallex has extended its Series D by $40m to bring the round’s total to $200m.
The extra cash will enable the payments company to buildout its product suite and strengthen its existing footprint in key regions such as Asia Pacific and Europe. It also hopes to expand its global payment coverage to include further regions, including the Middle East, Eastern Europe and Africa.
Currently, the FinTech is building the groundwork for its launch in the US market in Q1 2021.
Airwallex previously closed its Series D round in April 2020 from backers including ANZ Bank, DST Global, Tencent, Sequoia Capital China, Hillhouse Capital and Horizons Ventures. The FinTech is an end-to-end financial services platform which helps businesses of all sizes access international payments.
Despite the turbulent market caused by the pandemic, Airwallex has seen a 50% growth in its customer base and a 100% increase in net revenue in Q3 2020 compared with Q2 2020.
To support this growth, the FinTech has released several new products, including virtual multi-currency debit cards with Visa, a bank feed integration with Xero and card payment acceptance capabilities.
The FinTech has also been on a recruitment drive and is looking to hire a further 100 people this year.
Airwallex CEO and co-founder Jack Zhang said, “To support business growth in this new digital era, Airwallex has invested heavily over the past few years in building a global digital infrastructure and an extensive suite of products that enable businesses to efficiently move and manage their money across borders.
“Across 2020, Airwallex has increased execution velocity in product innovation, infrastructure and coverage expansion – all while ensuring that it continues to deliver an outstanding customer experience.
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