After raising $200 million in the latest Series E round, the Hong Kong-based fintech startup has secured $700 million in five rounds in total.
Details:
The latest series was led by Lone Pine Capital and followed by other investors, including G Squared, Vetamer Capital Management, 1835i Ventures, DST Global, Salesforce Ventures, and Sequoia Capital China.
The financing will support the company’s product development, as well as sales and commercial team expansion.
Context:
Airwallex was founded in 2015 in Australia by Jack Zhang, Max Li, and two other friends of the University of Melbourne.
The company was committed to building global financial infrastructure to scale the digital economy.
Its early development involved offering competitive exchange rage to users, saving them 90% of the cost. Later, the company developed a remittance and payment network with tentacles extending around the globe, such as in North America, Netherlands, and Malaysia. At this stage, transactions among small enterprises spiked.
Now it also offers services like transaction tracking and verification of incorrect bank accounts.
According to Forbes, the startup’s revenue grew nearly 150% year over year in the first half of 2021 and almost doubled its headcount to nearly 1,000 employees this year across over 20 locations globally.