Payments unicorn Airwallex secures $100m more in latest funding round

Airwallex, an Australia-founded global financial technology unicorn, announced that it raised an additional $100 million in its Series E1 financing rounding.

This latest round takes the fintech company’s total Series E fundraising to $300 million and brings its total funds raised to date to $802 million.

The Series E1 round also raises Airwallex’s valuation to $5.5 billion.

The latest round was led by Lone Pine Capital alongside existing investors including 1835i Ventures and Sequoia Capital China.

Jack Zhang, co-founder and CEO of Airwallex, said their record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses.

“As we approach our sixth anniversary, we want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world,” Zhang said in a statement.

He added that the new capital will allow them to do it, fuelling M&A opportunities that will accelerate their global expansion plans, pursuing their mission to empower businesses to grow without borders.

During the third quarter, the startup recorded a 165% YoY revenue increase, with annualized revenue exceeding $100 million.

The company made more than 200 additional hires as it continues to strengthen its presence in its core markets globally.

Airwallex continued to scale its business across APAC and EMEA in the last quarter as it also achieved early momentum in the U.S.

It launched its virtual employee cards in Hong Kong and the UK, marked its entry into Southeast Asia with licenses in Singapore and Malaysia, and continued to onboard new global customers.

David Crave, Co-Chief Investment Officer at Lone Pine Capital, said their achievements in the last quarter showcases the strength of the company’s business model and its unique ability to meet customers’ evolving needs in a competitive digital payments market.

Crave added that the future is bright for the company as they also look forward to helping its team “unlock greater growth opportunities as it continues to expand globally”.