Hong Kong-based crossborder fintech firm Airwallex has set up a new early-stage venture capital fund called Capital 49.
The fund is targeting a corpus of $200 million from Airwallex’s founders and other investors to invest in “companies within Airwallex’s ecosystem”, the company said in a press release on Thursday. Sectors it is targeting include e-commerce, Software-as-a-Service (SaaS), and fintech. Capital 49 has invested in two fintech firms so far.
“We are committed to invest in and foster the growth of tech-enabled companies, particularly at a time when there is a huge appetite for innovative solutions to enhance business efficiencies,” Jack Zhang, the co-founder and chief executive of Airwallex and founder of Capital 49 said.
Founded in 2015 in Melbourne, Airwallex provides cross-border services for businesses such as foreign currency accounts and the ability to accept local payment methods.
It has bagged more than $500 million so far at a valuation of around $2.6 billion. It last raised $100 million in March this year as part of its Series D extension. The firm has over 800 employees and 12 offices.
Another Asia-based, cross-border payments startup that was in the spotlight recently is Singapore-based Nium, which entered the unicorn club this week after it raised more than $200 million in fresh funding.