The latest funding values the startup at $2.6 billion, three times what it was just two years ago.

Airwallex, the Australian payments platform that welcomes borderless businesses across the world, announced today a raise of US$100 million via an extension of its Series D round that had flagged off in April 2020. The additional funding lifts Series D to US$300 million, and the total funds raised by Airwallex to nearly US$ 500 million. (CROWDFUNDINSIDER)

Airwallex founders are engineering-banking friends Jack Zhang and Max Li. Their first venture was Tukk & Co, a café in Melbourne, and it showed them firsthand what high FX fees and banking costs could do to the profit margins of small businesses. They founded Airwallex, their solution for businesses that operated cross-border and suffered the constraints of the global financial system.

Airwallex Series D

Greenoaks, the U.S.-based global investment firm, led the funding along with participation by Australia-based Grok Ventures, Skip Capital, and ANZi Ventures.

The company said it continued “the momentum of its hyper-growth in 2020,” and achieved a valuation of US$ 2.6 billion.

It nearly tripled its valuation after achieving unicorn status in the Series C round held in March 2019.

Solid growth trajectory

In a statement, Airwallex repeatedly used the word “hypergrowth” in describing its business following a bumper 2020. It enjoyed strong business momentum following triple-digit revenue growth in the e-commerce, digital & technology, and logistics customer segments.

Indeed, Chief Executive Officer Jack Zhang told Bloomberg that revenue growth would hit nearly 200% in 2021 and that it expects triple-digit revenue growth for the next three years.

It is estimated to have processed $20 billion worth of transactions last year.

Last year was also significant for Airwallex because it launched multi-currency debit cards with Visa, a bank feed integration with Xero, an SMB rewards program, and online payment acceptance capabilities.

“The world will only become more digital, and with more businesses than ever now operating online, Airwallex has proudly been at the center of this evolution,” said Zhang. “The additional investment is a vote of confidence in the global financial infrastructure we have built, as we look to empower businesses to grow without borders.”

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