AU$57 million injected in fintech unicorn Airwallex for global expansion

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Airwallex logo | iTMunch

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.

SEE ALSO: Newcastle Permanent partners with home-loan fintech Athena

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.

SEE ALSO: Aussie firms Canva, Culture Amp & Airwallex make it to the Forbes Cloud 100 List

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Image Courtesy: Airwallex

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Riddhi Jain is a technology content writer. She is based in India and has been working as a content writer since 2018. Riddhi has been writing content in the tech domain since May 2020 and can’t get enough of it. Riddhi has pursued most of her education from her hometown, Indore. She has graduated as a Bachelor of Business Administration and discovered her love for writing blogs while pursuing an internship during college. Once she discovered her love for writing, she went on to improve this skill set (and hasn’t stopped since). Riddhi’s writing relationship with iTMunch began in May 2020. This is where she developed a knack for writing content for the technology domain. She's an expert in tech content writing who has written over 700 blogs for iTMunch in just a year. Riddhi loves diving deep into tech sub-domains like financial technology, marketing technology, HR technology, Artificial Intelligence and gaming technology. She loves staying updated with the latest and upcoming trends in digital marketing, digital payments, fintech, gaming, web design and app development. She cherishes writing about futuristic technologies like blockchain and cryptocurrency, NFTs, Internet of Things, Facial Recognition, Machine Learning, Edge Computing, etc. Riddhi also likes to keep an eye on what’s going on with the tech titans like Google, Facebook and Apple. One of her major interests is in staying updated with the latest IT startups and the groundbreaking technologies they’re coming up with. When Riddhi is not writing content, she is binging on documentaries on Netflix (check out ‘The Great Hack’, ‘Seaspiracy’, and ‘What the Health’). She also likes reading books once in a while (Yuval Noah Harari and Michelle Magorian are some of her favorite authors). Riddhi also likes listening to podcasts like The Tim Ferriss Show (do listen to the ones with guest Naval Ravikant) and The Joe Rogan Experience.