Story image

Australian international payments fintech secures $13m in Series A funding

03 May 17

Australian cross-border payments fintech startup Airwallex has raised US$13million in its first significant venture capital financing round to fuel its international expansion.

Airwallex helps businesses automate and scale their international payment workflows, able to support thousands of transactions per second and provide a cost-effective alternative to existing payment networks.

Airwallex’s foreign exchange platform attracted significant investor interest, including from WeChat creator Tencent; Sequoia Capital China, whose investment in Airwallex will mark the first Australian investment for the Chinese arm of the Silicon Valley-based venture capitalist; Gobi Partners, and global digital payments powerhouse, Mastercard.

Airwallex was the first Australian startup to join the Mastercard Start Path accelerator program in September 2016.

“Foreign exchange transactions pose a real challenge for businesses that operate across borders, and Airwallex’s solution has impressed us in its ability to close the gap and allow companies to financially access markets that may have previously been out of reach,” Sequoia partner Steven Ji says.

The Airwallex platform is powered by a foreign exchange and payment engine and a transparent pricing model to avoid inflated margins and minimise market risk.

One of only a handful of payments companies licensed to transact in and out of China, the funding round will further fuel Airwallex’s help to accelerate a suite of new Airwallex APIs.

"We are in the strong position of having access to one of just 28 licenses to conduct cross-border transactions in China,” Airwallex CEO Jack Zhang says.

“Where most companies can transact purely in CNH (China's off-shore currency), we can also transact in CNY (the on-shore equivalent), providing our customers unprecedented access to the Chinese market."

This Airwallex funding round follows a pre-Series A round of US$3 million in early 2016 led by Gobi Partners.

How blockchain will impact NZ’s economy
Distributed ledgers and blockchain are anticipated to provide a positive uplift to New Zealand’s economy.
25% of malicious emails still make it through to recipients
Popular email security programmes may fail to detect as much as 25% of all emails with malicious or dangerous attachments, a study from Mimecast says.
Human value must be put back in marketing - report
“Digital is now so widely adopted that its novelty has worn off. In their attempt to declutter, people are being more selective about which products and services they incorporate into their daily lives."
Wine firm uses AR to tell its story right on the bottle
A Central Otago wine company is using augmented reality (AR) and a ‘digital first’ strategy to change the way it builds its brand and engages with customers.
DigiCert conquers Google's distrust of Symantec certs
“This could have been an extremely disruptive event to online commerce," comments DigiCert CEO John Merrill. 
Protecting organisations against internal fraud
Most companies tend to take a basic approach that focuses on numbers and compliance, without much room for grey areas or negotiation.
Telesmart to deliver Cloud Calling for Microsoft Teams
The integration will allow Telesmart’s Cloud Calling for Microsoft Teams to natively enable external voice connectivity from within Teams collaborative workflow environment.
Jade Software & Ambit take chatbots to next level of AI
“Conversation Agents present a huge opportunity to increase customer and employee engagement in a cost-effective manner."