Airwallex, a Hong Kong-based fintech startup, has officially joined the unicorn club.
The company announced today that it has raised $100 million in fresh funding, catapulting its valuation to over $1 billion and turning the startup into the world’s latest fintech unicorn.
The Series C round was led by DST Global, a new investor, and was participated in by previous investors Hillhouse Capital, Sequoia China, Tencent, Gobi Partners, and others. The company plans to use the new capital to “expand Airwallex’s suite of international collection and payment products and to support global expansion into the US, UK / Europe and Southeast Asia.”
Founded in Melbourne in 2015, Airwallex allows users to create Global Accounts with local bank details, access interbank exchange rates, and send money through local and international clearing networks to more than 130 countries. Since its founding, the company has rapidly expanded its presence in the cross-border payment space, raising over $200 million and adding giants such as JD.com, Tencent, and Mastercard among its clients.
“We started Airwallex because we knew there was a better way to make global payments,” said Airwallex CEO and Co-founder Jack Zhang. “Airwallex is proud to free businesses from many of the traditional barriers that have made international transactions so difficult. Our mission is to build a worldwide, technology-driven financial infrastructure that will help our customers – including marketplaces, online sellers and SMEs – grow their businesses globally.”
Airwallex, which “aspires to become the operating system of global banking,” also plans to use the funds to further product development, emphasizing value add in marketplaces, online shops, and SMEs.
Tom Stafford, Managing Partner of DST Global, said, “The growing eCommerce industry needs a technology-focused payments network that is reliable, cost-effective and provides data transparency. Airwallex has built such a network and we are excited to partner with Jack and the team as they continue to grow their business”.
Photo: Tehani Schroeder