Payments platform Airwallex raises US$80m in Series B funds; takes aim at South-east Asia

SINGAPORE - Cross-border payments company Airwallex has raised US$80 million (S$109.5 million) in Series B funding from returning and new investors to expand in South-east Asia.

Series A investors Tencent and Sequoia China led the round, with China-based Hillhouse, Hong Kong's Horizons Ventures, Indonesia's Central Capital Ventura and Australia's Square Peg joining. Square Peg also took part in Airwallex's US$6 million Series A+ funding round in December 2017.

Australia-based Airwallex has now raised US$102 million in total fundraising.

Airwallex, which provides a foreign exchange (FX) and payments platform aimed at facilitating FX payments around the world, said in a statement that the proceeds will be used to expand globally, with a particular focus on South-east Aia.

"Providing connections with China and South-east Asia remains at the core of the business," the company said. "The global distribution of Airwallex's funding will elevate their focus within the region; the company has Singapore and Hong Kong in their sights, and will expand their presence in their home market of Australia."