Sequoia-backed Airwallex raises $100m in Series E1 round

Airwallex co-founder Jack Zhang. Source: Airwallex.

Melbourne-based global payment solution provider Airwallex has raised an additional $100 million in its Series E1 round, just two months after it secured $200 million Series E capital.

The round, which values Airwallex at $5.5 billion, continues to be led by Series E investor Lone Pine Capital, and joined by other existing backers including 1835i Ventures, the venture capital partner to ANZ, and Sequoia Capital China.

The new funding round was oversubscribed, Airwallex said in a statement. The company has raised over $800 million in capital since its establishment in 2015.

Jack Zhang, co-founder and CEO of Airwallex, said the fresh capital will be used to fuel M&A opportunities for the company to accelerate its global expansion ambition.

Airwallex recorded a 165% year-on-year revenue increase, with annualised revenue exceeding $100 million in the third quarter of 2021. The company also made more than 200 additional hires.

In the last quarter, Airwallex launched its virtual employee cards in Hong Kong and the UK, and made a foray into Southeast Asia with licences in Singapore and Malaysia.

Airwallex was founded in Melbourne in 2015 by Chinese entrepreneur Zhang, along with co-founders Lucy Liu, Jacob Dai and Max Li, before moving its headquarters to Hong Kong in 2018.

The firm offers a global fintech payment platform that helps businesses manage payments, treasury, and expenses internationally, without the constraints of the traditional financial system.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.