Singapore based Internal payment company Airwallex, has revealed that it has successfully completed its Series B fundraising. The company has now secured USD 80 million in outside investment, with the total funding to US$102 million.
In the meeting investors from across the globe participated which includes Indonesia’s Central Capital Ventura (BCA), Sir Ka-Shing Li’s Horizons Ventures from Hong Kong, and Australia’s Square Peg, Tencent and Sequoia China joined.
The new funding will be used to expand its operations across the globe, with a particular focus in South East Asia to deliver on what Airwallex has coined the ‘dream factory model.’
The COO and Co-Founder Lucy Liu says that “This model focuses on delivering full end to end solutions – not just FX and payments — enabling our clients to accelerate their global growth and open them up to new markets.”
“As the pace and connectivity of the digitalized global economy continue to accelerate rapidly, the need to focus on foreign exchange and payments has become critically important for large corporates and SMEs,” said Neil Shen, Founding and Managing Partner of Sequoia China. “We believe that Airwallex’s continuous improvement in providing seamless solutions for this problem is eliminating the obstacle, effectively giving their clients a clear advantage in a hyper-competitive global market.”
Singapore has quickly become a key focal market for Airwallex. Their Singapore based team has grown rapidly, by adding some of the senior product and business development roles in recent months, which has demonstrated their ongoing commitment to building on the ground teams who specialize in delivering market-specific solutions.
The Hong Kong funds will be used for encouraging the SMEs in the market and will seek to get the Virtual Banking license in Hong Kong to support the fintech ecosystem globally.
“Airwallex wants to support businesses with awesome financial products,” Lucy says. “In providing these solutions, we intend to shake up the industries we’re playing in. We’re creating better, more cost-effective one-stop-shop solutions using technology delivered around the world.”
“Our end game is to provide the global network required for businesses to scale globally and take advantage of the digital and online opportunities that exist when you’re transacting in multiple markets.”
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