FinTech startup Airwallex specialising in cross-border payments announced record funding of $160mn with backing from new investors including ANZi Ventures and Salesforce Ventures taking the total funding to $360mn.
With the latest round of funding from existing and new investors alike, the fintech player revealed ambitious plans to scale the business globally. The fintech company founded in 2015, specialises in providing seamless payment solutions for cross-border global commerce.
In a statement released to the press, Airwallex announced the new funds will be used to accelerate technology work expanding its product line and explore potential acquisition targets.
The Hong Kong-based fintech company also revealed the launch of Airwallex Borderless cards in partnership with Visa and integration with Xero.
The new features are expected to help transform Airwallex from a payments platform into a fully integrated global end to end financial services provider enabling SMBs to access a range of services including high-speed, low-cost payments and collections worldwide while providing accounts in different currencies including AUD.
The statement also revealed benefits to large enterprises with complex financial needs. The recently issued APIs could help enterprises to generate and issue payment cards to their networks, saving both time and money.
“The global shift to digital is imminent. We envision a world in the not-too-distant future where all businesses will operate and conduct their affairs online – including banking – with the help of modern tools.”
Jack Zhang, CEO and Co-founder of Airwallex
Managing Director of ANZi Ventures Mr Ron Spector said, “ANZi Ventures is pleased to make a strategic investment in Airwallex, one of Australia’s fintech leaders. We look forward to working further with the team to support their vision of building a next-generation digital payments platform for SMBs and enterprises globally.”
Rob Keith, Head of Australia, Salesforce Ventures, said, “Being able to transact and do business with customers all over the world is a key criterion for companies who are going through a digital transformation. We’re excited to partner with Airwallex at this critical time in its growth, expanding both its footprint globally and its product capabilities.”
With the banking industry disrupted by fintech and bigtech, it’s no secret leading banks’ investment arms have been on an investment spree targeting investments in priority focus areas. The latest rounds of funding for Airwallex as well as challenger bank 86 400 reveal continued investor confidence in disruptive play.
