Crossborder payments platform Airwallex launches early-stage VC fund Capital 49 

Photo by Blake Wisz on Unsplash

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.

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.