Fintech Airwallex joins unicorn club as it raises US$100m in Series C round

SINGAPORE - Airwallex, a global payments fintech start-up, has raised US$100 million in Series C funding, bringing total capital raised to date to over US$200 million.

Just three years after it was founded, Airwallex is now valued at over US$1 billion, confirming its position as a newly minted fintech unicorn, Airwallex said in a press statement. Unicorn is a term for start-ups that have reached the milestone valuation of at least US$1 billion.

The financing round was led by DST Global, which had backed Internet giants Facebook, Airbnb, Spotify and fintech leaders Nubank and Robinhood. Returning investors include Sequoia Capital China, Tencent, Hillhouse Capital, Gobi Partners, Horizons Ventures and SquarePeg Capital.

The funds will be used to expand Airwallex's suite of international collection and payment products, and support global expansion into the US, the UK/Europe and South-east Asia. The company aims to use this investment to accelerate international expansion to empower marketplaces, online sellers and SMEs (small and medium-sized enterprises) to grow their businesses.

Founded in Melbourne, Australia, Airwallex offers an end-to-end solution for businesses to make payments and transfer money on a global scale, supporting a client base of Internet titans including, Tencent and Ctrip, and large financial service companies including Mastercard. With Airwallex, customers can create global accounts with local bank details, access interbank exchange rates and send money through local and international clearing networks to more than 130 countries.

Airwallex CEO and co-founder Jack Zhang said: "Airwallex is proud to free businesses from many of the traditional barriers that have made international transactions so difficult. Our mission is to build a worldwide, technology-driven financial infrastructure that will help our customers - including marketplaces, online sellers and SMEs - grow their businesses globally."