Airwallex today announced that the company has closed its extended Series D fundraising with an additional US$40M from new and existing investors. This builds on Airwallex’s US$160M Series D round announced in April 2020, bringing its total Series D funding to US$200M and total equity funding raised to date to over US$400M.
The additional funds raised will enable Airwallex to invest in the continual build out of its product suite, to strengthen its existing footprint in key regions such as Asia Pacific and UK/Europe, and to expand its global payment coverage to include additional regions such as the Middle East, Eastern Europe and Africa. Airwallex is currently laying the groundwork for its market entry in the US in Q1 2021.
Airwallex is one of 2020’s thriving business stories. The company has been able to respond strongly to accelerated demand for digital payments in 2020. As a result, Airwallex reported over a 50 per cent increase in its global customer base and over a 100 per cent increase in net revenue in Q3 2020 (versus Q2 2020), particularly in the ecommerce, digital, tech, and logistics sectors.
To meet the growing and evolving needs of its customers, Airwallex has launched more products and offerings this year than ever before – including virtual multi-currency debit cards with Visa, a bank feed integration with Xero, a rewards program, and card payment acceptance capabilities.
Airwallex has also been actively recruiting to help drive its ambitious international expansion goals, hiring more than 140 staff in the first half of the year, and is still looking to fill over 100 open roles across its global offices.
Jack Zhang, CEO and co-founder of Airwallex, said on the announcement, “A major shift in the way businesses operate from offline to online is something Airwallex predicted from our inception.
However, 2020 has fast-tracked this transition in a way no one could have foreseen. Businesses are now racing to embrace digital transformation at an unprecedented rate. We are more certain than ever that the digital economy is going to be the centre of the world’s economic structure.”
“To support business growth in this new digital era, Airwallex has invested heavily over the past few years in building a global digital infrastructure and an extensive suite of products that enable businesses to efficiently move and manage their money across borders. Across 2020, Airwallex has increased execution velocity in product innovation, infrastructure and coverage expansion – all while ensuring that it continues to deliver an outstanding customer experience. Our most significant fundraising round to date, in conjunction with our constant drive for innovation and the foresight to adapt to the evolving world, sets Airwallex up with a solid foundation for the years ahead.”
Quote from Paul Bassat, Co-founder and Partner, Square Peg Capital
Square Peg Capital Co-founder and Partner, Paul Bassat, said, “From very early on we saw huge potential in Airwallex, and we’re excited to be returning as an investor in the company’s extended Series D round.
2020 has fast-tracked the importance of the digital economy and Airwallex is at the forefront of this, driving efficiencies, ease and speed on cross-border payments. The hard work that the Airwallex team has put in towards building a global financial infrastructure in the last few years has paid off – today they are one of the best placed tech companies in the world to help businesses succeed in the new digital era.
We’re proud to be one of their longest-standing partners, and we look forward to supporting them in the next stage of their growth journey.”
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