Airwallex, a Melbourne-based global payments unicorn, has officially launched in Singapore, two months after it received a licence from the city-state’s central bank.
The launch means Singapore businesses can now access Airwallex’s global payment services, which include global account issuance, domestic and cross-border money transfer, multi-currency wallets, and online payments acceptance, according to the announcement.
The Sequoia-backed fintech unicorn received a Major Payment Institution (MPI) licence from the Monetary Authority of Singapore in November last year.
It earlier secured a money services business licence in Malaysia in September, allowing it to offer international payment solutions for Malaysian businesses.
The startup’s Singapore expansion is just part of an overall plan to further expand in Southeast Asia within this year, according to Airwallex Singapore CEO Nazim Ali.
“Growing our presence and payments capability across Southeast Asia is part of our ambitious expansion plan for 2022, and Singapore is no doubt instrumental to this growth,” Ali said.
The company’s key markets now include Singapore, Malaysia, Australia, the UK, EU, US, and Hong Kong.
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.
It operates a team of over 1,000 employees across 12 global offices and is looking to fill hundreds of open roles. The Singapore team is expected to quadruple by the end of 2022.
Airwallex hit a valuation of $5.5 billion after raising an additional $100 million in its Series E1 round in November, just two months after it secured $200 million Series E capital.
In March, it announced the completion of a further extended Series D round at $100 million, giving the company a $2.6-billion valuation. The company has raised over $800 million in capital since its establishment in 2015.