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Airwallex’s value swells to US$2.6 billion as Greenoaks leads investors to add US$100 million to fintech start-up’s Series D round
- The fintech’s valuation has nearly tripled to US$2.6 billion over two years, boosted by the global economy’s digitisation
- Airwallex will launch in the US within a couple of weeks, taking on payments giant Stripe
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Airwallex, a fintech start-up that aims to rewire clunky financial infrastructure, has swollen to US$2.6 billion in valuation as a group of global money managers joined its latest fundraising round.
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Investors added US$100 million to Airwallex’s Series D round, led by San Francisco-based Greenoaks Capital. Grok Ventures of Australia, Skip Capital and ANZi Venture also took part.
Airwallex, established in Melbourne in 2015, plans to use the funds on its global expansion, exploring new partnerships and product innovation. The company’s valuation has nearly tripled in the last two years, counting financial backing by Asia’s most valuable company Tencent Holdings, and venture capitalists including Sequoia Capital China, the Alibaba Entrepreneurs Fund and tycoon Li Ka-shing’s Horizons Ventures.
“The world will only become more digital, and with more businesses than ever now operating online, Airwallex has proudly been at the centre of this evolution,” said Jack Zhang, the start-up’s co-founder and CEO, in a statement announcing the fundraising.
Airwallex was wrapping up the first leg of its Series D fundraising in March during a meltdown of global financial markets. Several investors pulled out or scaled back their investments into the fintech.
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