Home Articles Airwallex’s latest US$100 million capital raising puts valuation at US$2.6 billion

Airwallex’s latest US$100 million capital raising puts valuation at US$2.6 billion

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Airwallex’s latest capital raising of US$100 million has lifted its Series D funding round to US$300 million.

The extended Series D round was led by new investor US-based Green oaks, and saw participation from Australia’s Grok Ventures, Skip Capital and ANZi Ventures and other existing investors. Airwallex’s valuation has nearly tripled to US$2.6 billion in 2 years.

How has Airwallex’ previous funding rounds be utilised?

Continuing with the momentum of its hyper growth in 2020, Airwallex has announced that the company’s valuation has increased to US$2.6 billion with a capital raising of US$100 million in a further Series D funding.

Lifting Airwallex’s Series D funding to US$300 million, this latest round followed its initial Series D round in April 2020 during the pandemic, and the extended round in September 2020. To date, Airwallex has achieved nearly US$500 million in equity funds raised. 

The round has been led by Greenoaks, a US-based global investment firm that has backed industry-leading technology and fintech companies including Deliveroo, Discord, Stripe, Brex and Checkout.com. Grok Ventures, Skip Capital and ANZi Ventures have also participated in the round.

In just two years, Airwallex has nearly tripled its valuation, following the company’s unicorn status during its successful Series C fundraising in March 2019.

This latest infusion of capital will be used to further accelerate Airwallex’s global expansion, explore partnerships and continue with product and engineering innovation.

“The world will only become more digital, and with more businesses than ever now operating online, Airwallex has proudly been at the centre of this evolution,” said Jack Zhang, Co-founder and CEO at Airwallex.

“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.”

“This year, we are focused on our global expansion. We continue to extend our international footprint, and are bolstering our capabilities through partnerships and new product launches. “

“Strengthening our investor base with the addition of Greenoaks will also help us accelerate that progress. We look forward to their support as we forge ahead on our journey to become a global financial cloud,” Zhang continued.

In 2020, Airwallex continued to broaden its suite of products and applications, including multi-currency debit cards with Visa , a bank feed integration with Xero, an SMB rewards program, and online payment acceptance capabilities.

The company also maintained strong business momentum, driven by triple digit revenue growth in the e-commerce, digital & technology and logistics segments. 

To support its hypergrowth, Airwallex has focused on building a high-performance culture. The company recently refreshed its company values, accelerated its hiring and talent retention strategies to deliver Airwallex’s vision.

Airwallex has over six hundred employees across twelve global offices, and is looking to fill over five hundred open roles.

Patrick Backhouse at Greenoaks said, “We believe Airwallex is building a powerful global payments business, with a rich product suite that helps companies simplify their financial infrastructure as they scale globally.

From its origins in Australia, Airwallex chose to build global products from day one, and has developed a deep understanding of emerging payment technologies. We look forward to supporting the company as it extends their global reach.”

Jeremy Kwong-Law, CEO & CIO at Grok Ventures said, “It is so impressive to see Airwallex’s relentless pursuit of rewiring clunky financial infrastructure and turning that into a simple and delightful product experience for their customers. We are excited about the huge potential this team can deliver in the years ahead.”

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