Hong Kong-based fintech company Airwallex announced on Tuesday that it has closed a US$100 million series C round of financing to join the unicorn club at a valuation of over US$1 billion.
The new round was led by DST Global, a late-stage venture capital firm that has backed the likes of Facebook, Airbnb and Airbnb, with participation from returning investors including Sequoia Capital China, Tencent, Hillhouse Capital, Shanghai-based Gobi Partners, tech-focused venture capital firm Horizons Ventures, and Australia’s SquarePeg Capital.
Started in 2015 by four Chinese founders in Melbourne, Airwallax primarily provides corporate clients with cross-border transactions service to manage overseas revenue and financing in their businesses. The company enables low-cost, high-speed and transparent international payments. With Airwallex, companies can set up international bank accounts, access interbank exchange rates and send money through local and international clearing networks to more than 130 countries.
Claimed to save its clients as much as 90% on foreign exchange rates, the company serves some of the world’s internet giants like e-commerce marketplace JD.com, internet firm Tencent, online travel agency Ctrip, and financial service providers such as MasterCard.
"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 small- and medium-sized enterprises — grow their businesses globally," said Airwallex founder and CEO Jack Zhang.
Proceeds of the new round will be used to support Airwallex’s expansion into the global market, improve services to target small- and medium-sized enterprises, and enhance its technology and product development.
Airwallex, which has raised more than US$200 million to date, completed a US$80 million series B round in July 2018. The company also raised US$13 million in a series A round led by Tencent in May 2017.