AU$57 million injected in fintech unicorn Airwallex for global expansion
Melbourne-born fintech firm Airwallex has managed to capture another AU$57 million (US$40 million) in a funding round. It is an extension of an already amazing Series D capital raising of $250 million bagged by the fintech unicorn in April this year.
Airwallex is one of the few tech (and fintech) companies that have thrived throughout the coronavirus crisis. The firm has successfully managed to secure more than enough investment to expand its services in Australia and globally to meet the increasing demand in fintech services in these testing times.
More on the funding round
Co-founder Atlassian, Scott Farquhar along with his wife Kim Jackson are first time investors in Airwallex’s this round of funding. The pair made an investment in Airwallex through their private investment firm Skip Capital. Paul Bassat from Square Peg, who has already invested in fintech previously, also made contributions. The $40 million raised brings the total Series D funding to $306 million and the overall total capital raised by Airwallex to more than $564 million.
Lucy Liu, Airwallex Co-founder, currently based in Shanghai (where she claims life has come back “to normal”), said the investors are still pretty interested in Airwallex. The additional funds raised by the Fintech firm will be used to expand the it’s operations in the UK and US markets.
Despite the COVID-19 crisis, the fintech unicorn has managed to deliver a 50% increase in its customer base globally in Q3 as compared to Q2. It also delivered a 100% increase in its net revenue.
Airwallex – An Australian fintech unicorn
Airwallex commenced its operations in a Melbourne cafe – Tukk & Co. It was established by Liu, Jack Zhang, Xijing Dai, Ki-lok Wong and Max Li. The firm is majorly focused on providing services to small and medium businesses by helping them make purchases from global merchants without having to pay an additional exchange fee.
Recently, the firm started offering international or borderless cards through a collaborative partnership with Visa (a payments giant) and also integrated with Xero (an accounts management platform)
The Australian fintech Airwallex turned into a Fintech Unicorn back in 2019. To date, the firm has gathered and raised more than $400 million since its establishment in 2015. As of April 2020, the company has been valued at approximately $1.8 billion.
For more updates and latest tech news, keep reading iTMunch
Image Courtesy: Airwallex