The founders of Australia-based payment technology provider Airwallex are seeking $200m for a venture capital fund which will back companies utilising its payment infrastructure.
Airwallex operates a cross-border payment platform which enables businesses to trade internationally by managing payments, expenses and budgets globally across a range of markets and currencies.
The fund, dubbed Capital 49, will raise capital from Airwallex’s founders as well as external backers, and will invest in areas such as e-commerce, software-as-a-service, digital technology, business services and financial technology. It has so far backed two undisclosed companies.
Jack Zhang, Airwallex’s co-founder and CEO, said: “We are so excited to share the news of our new fund. As part of the fintech and startup ecosystem, we have consistently observed that a clear technological advantage is incredibly important for a business to stand out from the competition.
“That is why we are committed to invest in and foster the growth of tech-enabled companies, particularly at a time where there is huge appetite for innovative solutions to enhance business efficiencies.”
The move comes after Airwallex expanded its series D round to $300m in March this year at a $2.6bn valuation. It has raised a total of just over $500m and counts corporates Tencent, Salesforce, Mastercard, Bank Central Asia and ANZ Bank among its investors.
