In a significant development for the fintech industry, Airwallex has successfully closed a record-breaking Series D fundraising round, raising $160 million. This achievement marks the largest funding round for the company to date, showing strong confidence from investors in Airwallex's growth trajectory.
A consortium of new top-tier global strategic investors, including ANZi Ventures, the corporate venture capital arm of ANZ Bank, and Salesforce Ventures, has played a crucial role in this funding. Existing major investors such as DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures also contributed, bringing Airwallex's total equity raised since its inception in 2015 to over $360 million.
The newly acquired funding is aimed at accelerating Airwallex's global expansion, specifically targeting customer acquisition and licensing in Europe and the United States, as well as exploring new markets like the Middle East. "The global shift to digital is imminent. We envision a world in the not-too-distant future where all businesses will operate and conduct their affairs online - including banking - with the help of modern tools," said Jack Zhang, CEO and Co-founder of Airwallex.
Zhang emphasized the importance of their mission, stating, "From the very beginning, our vision has been to lead the transformation of global financial infrastructure. We have stayed true to our vision by building the Airwallex platform with fast and agile technology, continually improving our product and investing in dedicated support teams. More than ever, we are well-positioned to support businesses no matter their size as they adapt to today’s changes."
Alongside geographical expansion, Airwallex plans to broaden its product offerings. This includes the introduction of payment acceptance capabilities through a proprietary gateway solution, as well as enhancements in partner integration. The focus will also be on exploring potential acquisitions within the payments industry to stimulate faster service offerings.
Zhang remarked on the confidence from investors, saying, "The commitment and confidence from both new and existing investors in this round is a strong validation of our successes and our strategic vision. With their support, we look forward to accelerating our growth and further empowering businesses across the globe."
The funding comes in the wake of a notable year for Airwallex, following a successful Series C funding round in March 2019. The company has since expanded its global footprint, establishing new offices in key cities such as Tokyo, Bangalore, and Dubai. This growth aligns with the introduction of significant product enhancements, including the Airwallex Borderless Cards in collaboration with Visa and a sought-after integration with Xero.
These developments signify Airwallex's evolution from a straightforward international payments platform to a comprehensive end-to-end financial services provider tailored for businesses of all sizes. With the expansion of services offered through Airwallex business accounts, small and medium-sized businesses (SMBs) find themselves equipped to perform high-speed, low-cost payments and collections on an international scale.
Moreover, Airwallex is focusing on providing a specialized suite of enterprise products to meet the varied financial needs of larger organizations. New features, like the recently launched Issuing API, are designed to facilitate the generation and issuance of payment cards within enterprise networks, offering increased efficiency and cost savings.
Ron Spector, Managing Director of ANZi Ventures, expressed enthusiasm about their investment: "ANZi Ventures is pleased to make a strategic investment in Airwallex, one of Australia's fintech leaders. We look forward to working further with the team to support their vision of building a next-generation digital payments platform for SMBs and enterprises globally."
Rob Keith, Head of Australia at Salesforce Ventures, commented on the positive impact of Airwallex's solutions, emphasizing the need for businesses to seamlessly transact with customers worldwide. As Airwallex forges ahead with its ambitious growth plans and product innovations, the company appears well-positioned to capitalize on the ongoing digital transformation in financial services.
In conclusion, with its latest fundraising success, Airwallex is clearly preparing for an extensive phase of growth. As the company enhances its offerings and expands its global presence, it remains dedicated to supporting businesses of various sizes and sectors in navigating the complexities of the evolving payments landscape.