Hong Kong company Airwallex closes its extended Series D funding round

By Edil Corneille

Today, Airwallex announced that the company has closed its extended Series D fundraising with an additional US$40 million from new and existing investors. In April, the Hong Kong-based company announced the closure of its US$160 million Series D funding round. This brings its total Series D funding to US$200 million and total equity funding raised to date to over US$400 million.

The additional funds raised will enable the technology company to invest in the continual build-out of its product suite, to strengthen its existing footprint in key regions such as the Asia Pacific and UK/ Europe, and to expand its global payment coverage to include additional regions such as the Middle East, Eastern Europe, and Africa. Airwallex is currently laying the groundwork for its market entry in the US in Q1 2021.

The company has mentioned that it has been able to respond strongly to accelerated demand for digital payments in 2020. As a result, Airwallex reported over a 50 percent increase in its global customer base and over a 100 percent increase in net revenue in Q3 2020 (versus Q2 2020), particularly in the e-commerce, digital, tech, and logistics sectors.

To meet the growing and evolving needs of its customers, Airwallex has launched virtual multi-currency debit cards with Visa, a bank feed integration with Xero, a rewards program, and card payment acceptance capabilities.

Airwallex has also been actively recruiting to help drive its international expansion goals, hiring more than 140 staff in the first half of the year, and is still looking to fill over 100 open roles across its global offices.

Jack Zhang, CEO and co-founder of Airwallex expounded, “A major shift in the way businesses operate from offline to online is something Airwallex predicted from our inception. However, 2020 has fast-tracked this transition in a way no one could have foreseen. Businesses are now racing to embrace digital transformation at an unprecedented rate. We are more certain than ever that the digital economy is going to be the centre of the world’s economic structure.”

“To support business growth in this new digital era, Airwallex has invested heavily over the past few years in building a global digital infrastructure and an extensive suite of products that enable businesses to efficiently move and manage their money across borders. Across 2020, Airwallex has increased execution velocity in product innovation, infrastructure and coverage expansion – all while ensuring that it continues to deliver an outstanding customer experience. Our most significant fundraising round to date, in conjunction with our constant drive for innovation and the foresight to adapt to the evolving world, sets Airwallex up with a solid foundation for the years ahead.”