According to a press statement issued to PYMNTS, global FinTech Airwallex secured $300 million in an oversubscribed Series E1 fundraising phase that included an extra $100 million, giving the Melbourne, Australia-based business a $5.5 billion value.
Lone Pine Capital led the round, with previous backers 1835i Ventures and Sequoia Capital China joining in. Airwallex has now raised a total of $802 million in investment. The new funding comes on the heels of the startup’s third-quarter reports, which revealed a 165 percent year-over-year revenue rise and annualized revenue exceeding $100 million.
“Our exceptional success in the last fraction illustrates the great demand from clients wanting higher business solutions,” said Jack Zhang, co-founder and CEO of Airwallex.
“As we approach our sixth year, we want to connect entrepreneurs, company builders, and creators with prospects across the world.” “This fresh financial infusion will help accomplish exactly that, fuelling M&A prospects that will speed our global development ambitions as we pursue our purpose of empowering businesses to grow without boundaries,” Zhang added.
Airwallex has been busy expanding its operations across APAC and EMEA, and its foray into the US is gathering traction. Furthermore, the business launched virtual employee cards in Hong Kong and the United Kingdom and expanded into Southeast Asia after receiving payment licenses in both Singapore and Malaysia.
Airwallex’s Series E1 investment round was once again oversubscribed, owing to the company’s outstanding third-quarter underlying business performance and dynamism. Lone Pine Capital led the fundraising, together with other current investors such as 1835i Ventures, ANZ’s venture capital partner, and Sequoia Capital China.
“Airwallex’s achievements in the previous quarter alone prove the resilience of the firm’s operations and its unique ability to fulfill the increasing demands of their clients in a dynamic digital payments industry,” said David Craver, the co-chief investment officer of Lone Pine Capital. “The future seems bright for Airwallex, and we look forward to assisting its team in unlocking additional growth prospects as it expands internationally.”