Airwallex: $300 Million Series D Funding And $2.6 Billion Valuation

By Amit Chowdhry ● April 2, 2021
  • Airwallex recently announced it has raised $100 million as a Series D funding extension at a $2.6 billion valuation. These are the details.

Airwallex recently announced it has raised $100 million as a Series D funding extension at a $2.6 billion valuation. In total, the company had raised $300 million in Series D funding. This tranche followed the company’s initial Series D round in April 2020 during the pandemic and the extension round in September 2020. So far, Airwallex has achieved nearly US$500 million in equity funds raised.

This funding round was 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. And Australia-based Grok Ventures, Skip Capital, and ANZi Ventures have also participated in the round.

In only 2 years, Airwallex has nearly tripled its valuation, following the company’s unicorn status during its successful Series C fundraising in March 2019. And this latest infusion of capital will be used to further accelerate Airwallex’s global expansion, explore new partnerships and continue with product and engineering innovation.

Last year, Airwallex continued to broaden its suite of products and applications, including multi-currency debit cards with Visa (enabling businesses to pay suppliers with ease and offer expense cards to employees); a bank feed integration with Xero, an SMB rewards program; and online payment acceptance capabilities. And the company also maintained its strong business momentum, driven by triple-digit revenue growth in the e-commerce, digital & technology, and logistics customer segments.

To support the company’s hypergrowth, Airwallex has focused on building a high-performance culture. And the company recently refreshed its company values, accelerated its hiring and talent retention strategies to deliver Airwallex’s vision. Now Airwallex has over 600 employees across 12 global offices, and is still looking to fill over 500 open roles.

KEY QUOTES:

“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. 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.”

— Jack Zhang, Co-founder and CEO at Airwallex

“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.”

— Patrick Backhouse at Greenoaks

“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.”

— Jeremy Kwong-Law, CEO & CIO at Grok Ventures