Global FinTech platform Airwallex has extended its Series E to bring in a further $100m, which has lifted the company’s valuation to $5.5bn.
The round saw participation from Square Peg, Salesforce Ventures, Lone Pine Capital, 1835i Ventures, Tencent, Sequoia Capital China and Hermitage Capital.
HostPlus – an Australian industry superannuation fund – as well as a leading North American pension fund also took part in the raise.
The company previously raised $100m in a Series EI funding round back in November 2021.
Airwallex claims it has one of the world’s most powerful payments and banking infrastructures. The firm said its technology empowers businesses of all sizes to accept payments, move money globally, and simplify their financial operations, all in one single platform.
The company accelerated its international expansion last year and successfully extended its reach across Europe, Asia Pacific and North America to serve China, the US and the UK.
Airwallex has continued to see its business grow and reach new heights, with its customer base more than doubling and revenue increasing by 184% year-on-year, with multiple new products and services are also being planned in its 2022-23 roadmap.
These launches include improvements to its expense management platform and a credit solution, as the company continues to invest in product innovation on top of market expansion and talent acquisition.
Airwallex CEO and co-founder Jack Zhang said, “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.
“The market environment remains challenging in the foreseeable future, and while we remain well capitalised, 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.
“We are building one of the world’s most powerful global payment and banking infrastructure. By providing a faster, safe, transparent and more efficient way to operate globally, we are enabling businesses to maximise revenues and accelerate growth.”
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