Existing investors include 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 leading North American pension fund also participated in this round. With an additional USD 100 million, Airwallex’s total funding increased to more than USD 900 million.
Jack Zhang, Co-founder and CEO at Airwallex has stated that ‘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.’
Airwallex expanded across Europe, North America, and Asia Pacific starting with 2021, serving three of the largest ecommerce markets in the world: China, the United States, and the United Kingdom, according to the company press release. Airwallex clients leverage the company’s global payments and banking platform to process payments and move money across borders.
Company sources revealed that 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.
Airwallex offers payments and banking infrastructure, technology that empowers businesses of all sizes to accept payments, move money globally, and simplify their financial operations, all in one single platform. Established in 2015 in Australia, Airwallex now has a global footprint across Asia-Pacific, Europe, and North America.
From a European perspective, Pranav Sood, General Manager, EMEA at Airwallex expanded on the company’s penchant to sustain its European footprint and growth, stating the following: ‘We will deploy funds to build on the momentum we are already seeing across EMEA. We will continue to strengthen our team in the UK, while also growing our presence across Europe and the Middle East. We see a huge opportunity to help businesses across EMEA grow without borders and navigate today’s challenging market environment.’
In Singapore alone, after gaining its MAS licence, Airwallex launched its Airwallex Borderless Card and integrated expense management solution in Singapore. Available to all Airwallex customers in Singapore, the Airwallex Borderless Card is a virtual multi-currency Visa business debit card that enables businesses to easily online card payments anywhere that Visa is accepted.
In April 2022, the company has rolled out its Expenses platform, providing a solution for businesses to manage their expenses. Together with Airwallex's virtual and physical multi-currency cards, for corporates and employees, the new offering streamlined the expenses process through offering a single integrated platform to manage spending.
In May, Airwallex integrated with accounting software NetSuite to simplify reconciliation of business expenses. The fintech’s customers in Australia, Hong Kong, EMEA, and the US were thus able to automatically synchronise transactions in their NetSuite accounts for the latest view of their financial position in a single platform.
After going live officially in New Zealand in June 2022, the company extended its long-term partnership with Xero and launched a new payment link integration for Xero invoices.
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