Australia-based cross-border payment technology provider Airwallex increased its series E funding to $300m today with a $100m extension featuring financial services firm ANZ Bank’s venture capital affiliate, 1835i.
Hedge fund manager Lone Pine Capital led the extension at a $5.5bn valuation and it included VC firm Sequoia Capital China. The second close brings the company’s total funding to $802m.
Airwallex has developed software which helps financial institutions process domestic and international transactions. It claims it experienced a 165% year-on-year increase in revenue the in third quarter of 2021 and will use the series E proceeds to grow internationally and develop its product offering for businesses.
The round’s initial $200m tranche closed in September this year and was also led by Lone Pine Capital. It was backed by 1835i Ventures and enterprise software provider Saleforce’s corporate venturing subsidiary, Salesforce Ventures, as well as G Squared, Vetamer Capital, DST Global and Sequoia China.
Before being rebranded from ANZi Ventures, 1835i Ventures took part in a series D round for the company that closed at $300m in March this year, along with Salesforce Ventures, internet group Tencent, DST Global, Sequoia China, Hillhouse Capital, Horizons Ventures, Grok Ventures and Skip Capital.
Tencent had previously invested in a $100m series C round led by DST Global in early 2019, participating alongside Hillhouse Capital, Sequoia China, Horizons Ventures, Gobi Partners and Square Peg Capital.
Airwallex had closed its series B round in 2018 with $80m provided by Tencent and financial services firm Bank Central Asia’s corporate venturing unit, Central Capital Ventura, as well as Sequoia China, Hillhouse Capital, Horizons Ventures and Square Peg Capital.
The company had secured $6.1m from Square Peg Capital in 2017 having received $13m in series A funding from Tencent, payment services firm Mastercard and Sequoia China earlier that year. It had already raised $3m in pre-series A funding from Gobi Partners, Huashan Capital One and Billy Tam in 2016.
