Airwallex, an Australia-based supplier of cross-border payment technology, closed an $80m series B round featuring internet group Tencent and financial services firm Bank Central Asia (BCA) today.
Sequoia China also invested in the round, as did Hillhouse Capital, Horizons Ventures and Square Peg Capital, while BCA participated through its venture capital unit, Central Capital Ventura.
Founded in 2015, Airwallex has developed an online platform that simplifies the foreign exchange (FX) process for its clients. It offers live FX rates and the option to fix a rate for 24 hours to reduce volatility, in addition to international payment and local currency management services.
The company, which already has offices in Asia and the UK as well as its home country, will use the funding to expand into the US and Canada. It also plans to grow operations in the UK and is applying for a virtual banking licence in Hong Kong.
Lucy Liu, Airwallex’s co-founder and chief operating officer, said: “Airwallex has identified that businesses in all corners of the world are experiencing similar challenges as the pace and connectivity of a digitalised global economy continues to gain momentum.
“By offering full end to end solutions – not just in FX and payments – we are changing the way our clients thrive in the global arena.”
The company has now raised a total of $102m, having received $6m in series A-plus funding from Square Peg in December 2017. Tencent and Sequoia China had joined payment services firm Mastercard for Airwallex’s $13m series A round seven months before.
Gobi Partners had led a pre-series A round for Airwallex in June 2016, investing together with Huashan Capital One and angel investor Billy Tam.