Airwallex, a Hong Kong-based fintech unicorn that serves cross-border businesses, on Wednesday announced the completion of a further extended Series D round at $100 million.
The company hit a valuation of $2.6 billion with the round.
The new investment lifted the overall size of Airwallex’s Series D round to $300 million, following the initial tranche of $160 million in April 2020, during the COVID-19 pandemic, and an additional tranche of $40 million last September. To date, the firm has raised a total of nearly $500 million in equity financing.
The new round was led by Greenoaks, a US-based global investment firm that has backed companies like food delivery firm Deliveroo and digital payments giant Stripe. Australia-based Grok Ventures; Skip Capital, which invests in seed- to late-stage technology firms; and ANZi Ventures, the corporate venture capital (VC) arm of Australia’s ANZ Bank, participated in the round.
In just two years, Airwallex has almost tripled its valuation from March 2019, when it announced a unicorn valuation of over $1 billion after a $100-million Series C round led by late-stage VC firm DST Global.
The firm will use the new proceeds to further accelerate its global expansion, explore new partnerships, and continue investing in product and engineering innovation.
“The world will only become more digital, and with more businesses than ever now operating online, Airwallex has proudly been at the centre of this evolution,” said Jack Zhang, co-founder and CEO of Airwallex, in a statement.
“This year, we are focused on our global expansion. We continue to extend our international footprint and are bolstering our capabilities through partnerships and new product launches. Strengthening our investor base with the addition of Greenoaks will also help us accelerate that progress,” he said.
Airwallex was founded in Melbourne in 2015 by Chinese entrepreneur Zhang, alongside 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. It operates a team of over 600 employees across 12 global offices while looking to fill over 500 open roles.
As the pandemic accelerates the digitalisation of global businesses, Airwallex said that it continued the momentum of a “hypergrowth” in 2020, driven by “triple-digit revenue growth” in the e-commerce, digital & technology, and logistics segments.
The firm moved on to broaden its suite of products and applications last year, including multi-currency debit cards with Visa, which enables businesses to pay suppliers with ease and offer expense cards to employees; a bank feed integration with Xero; an SMB rewards program; and online payment acceptance capabilities.