News

Airwallex to be IPO ready by 2026

Monday 15 January 2024 13:32 CET | News

Global payments and financial platform for businesses Airwallex has revealed its plans to be ready to list publicly by 2026 in the context of a valuation surge.

 

Valued at USD 5.5 billion in late 2022 after securing USD 100 million in funding, Airwallex is reportedly planning to go public within the next two years, according to startupdaily.net citing one of the company's co-founders. The international payments firm, approaching its 10th anniversary, has raised a total of USD 902 million since its inception in 2015 according to the same source. 

Airwallex's notable backers include Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures, Tencent, Hostplus, and Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar through their private investment funds. 

The potential public listing follows a trend among privately owned unicorns contemplating exits, such as Canva, which is also considering an IPO in 2025. Airwallex aims to achieve profitability in 2023, expecting around USD 350 million in annual recurring revenue. Company representatives also highlighted an increase in employee engagement from 52% to 72% in Australia in the second half of 2023. 

The holding company for Airwallex is registered in the Cayman Islands, a decision reportedly influenced by support from offshore investors, including Alibaba's Gobi Partners.

 

Global payments and financial platform for businesses Airwallex has revealed its plans to list publicly by 2026 in the context of a valuation surge.

 

Other notable developments from Airwallex

In December 2023, Airwallex joined up with WooCommerce to become a payment extension on the latter’s platform. Through this partnership, Airwallex allowed Woo merchants to accept cross-border payments instantly by using global cards, Apple Pay, Google Pay, and other 60 local payment methods at checkout. This focused on enabling merchants with access to shoppers from Woo stores, without the difficulties of high foreign exchange (FX) conversion fees. 

At the time, officials from Woo stated that the company’s main objective was to support merchants in launching their stores fast and maintaining their growth. The integration of Airwallex allowed merchants to instantly accept payments from customers globally, therefore assisting them in accelerating their international expansion strategy. 

In the same month, Airwallex leveraged generative artificial intelligence (AI) to improve customer onboarding. The company shared data on the capabilities of its new generative AI tool that improves the speed and efficiency of the company’s Know Your Customer (KYC) and onboarding processes. According to the company press release, the solution aims to minimise false positives by 50% on average, while increasing the number of customers that pass through the onboarding process without human interference by 20%. 

For more information about Airwallex, please check out their detailed profile in our dedicated, industry-specific Company Database.


Source: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: IPO, expansion, payments , online payments
Categories: Payments & Commerce
Companies: Airwallex
Countries: Australia
This article is part of category

Payments & Commerce

Airwallex

|
Discover all the Company news on Airwallex and other articles related to Airwallex in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events