Fintech platform Airwallex raises additional $100 million in Series E1 round

November 18, 2021 3:03 pm

Fintech company Airwallex lands $100 million in Series E1 found, led by Lone Pine Capital. Existing investors 1835i Ventures and Sequoia Capital China also participated in this round.

The new funding raises its valuation to $5.5 billion and comes just a month after Airwallex announced a Series E round.

This latest round takes Airwallex’s total Series E fundraising to $300 million, with $802 million raised in total.

This latest raise follows a strong third-quarter performance, where the company recorded a 165% year-on-year revenue increase.

Jack Zhang, co-founder and CEO of Airwallex said: “We want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world. This new capital injection will allow us to do just that, fuelling M&A opportunities that will accelerate our global expansion plans.”

Airwallex was founded in 2015 in Australia by Jack Zhang, Max Li, and two other friends of the University of Melbourne.

It offers competitive exchange rates to users, saving them nearly 90% of the cost as it claims. The company also develops a remittance and payment network with tentacles extending to North America, Netherlands, and Malaysia, etc. It also offers services of transaction tracking and verification of incorrect bank accounts.

In the last quarter, Airwallex continued to scale its business across the globe. The company launched its virtual employee cards in Hong Kong and the UK, marked its entry into Southeast Asia with licences in Singapore and Malaysia.