Airwallex closes Series E extension with $5.5b valuation

By Leandra Monteiro

Airwallex, a global FinTech platform, announced that it recently closed its Series E extension with the same $5.5 billion valuation, and secured more funds from existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent.

HostPlus, an Australian industry superannuation fund, as well as a North American pension fund also participated in this round. With an additional $100 million, Airwallex’s total funding increased to more than $900 million to propel the company’s global growth trajectory.

“The valuation underscores investors’ confidence in Airwallex’s core business value and fundamentals, and we are fortunate to have the continued support of our existing investors, and the confidence of new investors, as we pursue our vision to become the global economic infrastructure for modern businesses,” said Jack Zhang, Co-founder and CEO at Airwallex. “The market environment remains challenging in the foreseeable future, and while we remain well capitalised, this additional runway allows us to continue our growth plans, product expansion, and hire some of the best talents in the world. By strengthening the breadth of our global reach and product offering, we can better empower our customers to unlock new market opportunities.”

The Melbourne-founded company accelerated its international expansion in 2021, successfully extending its reach across Europe, North America and the Asia Pacific, serving three of the largest e-commerce markets in the world: China, the United States, and the United Kingdom.

“We are building one of the world’s most powerful global payment and banking infrastructure,” Jack added. “By providing a faster, safe, transparent and more efficient way to operate globally, we are enabling businesses to maximise revenues and accelerate growth.”

Airwallex has continued to see its business grow and reach new heights, with its customer base more than doubling and revenue increasing by 184% YOY1. Multiple new products and services are also being planned in its 2022-23 roadmap including improvements to its expense management platform and a credit solution, as the company continues to invest in product innovation on top of market expansion and talent acquisition.