Story image

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

03 May 2017

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.

Better data management: Whose job is it?
An Experian executive’s practical advice on how to structure data-management roles within a modern business environment.
Platform9 and Intersect partner to bring unified cloud to A/NZ
“For Intersect, Platform9 represents the single most strategic solution to a set of challenges we see expanding across the board."
Meet the future of women in IT
Emily Sopers has just won Kordia’s first ever Women in Technology Scholarship, which was established to address gender imbalance in the information and communications technology (ICT) sector.
Web design programmers do an about face – again!
Google is aggressively pushing speed in the mobile environment as a critical ranking factor, and many eb design teams struggling to reach 80%+ speed scores on Google speed tests with gorgeous – but heavy - WordPress templates and themes.
Digital spending to hit US$1.2 trillion by 2022
A recent study by Zinnov shows that IoT spend reached US$201 billion in 2018 while outsourcing service providers generated $40 billion in revenue.
'Iwi Algorithm' can grow Aotearoa's mana
Ngāti Whātua Ōrākei innovation officer Te Aroha Grace says AI can help to combine the values from different cultures to help grow Aotearoa’s mana and brand – and AI is not just for commercial gain.
Dropbox brings in-country document hosting to A/NZ & Japan
Dropbox Business users in New Zealand, Australia, and Japan will be able to store their Dropbox files in-country, beginning in the second half of 2019.
Why 'right to repair' legislation could be a new lease on life for broken devices
“These companies are profiting at the expense of our environment and our pocketbooks as we become a throw-away society that discards over 6 million tonnes of electronics every year.”