Company Briefs: Airwallex

Airwallex

Airwallex, a global payments fintech start-up, has raised US$100 million (S$135 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, the firm 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 Square Peg Capital.

The funds will be used to expand Airwallex's suite of international collection and payment products, and support global expansion into the United States, Britain/Europe and South-east Asia.

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 JD.com, Tencent and Ctrip.


Sysma Holdings

Construction company Sysma Holdings has secured a $20 million contract to build a two-storey bungalow with an attic and a swimming pool at 54 Nassim Road.

The contract between its wholly owned subsidiary - Sysma Construction - and an "established private owner", is expected to start next month following approval from the relevant authority, and will run for a period of 16 months, the Catalist-listed builder said yesterday in a bourse filing.

The company's order book stands at about $80.9 million as at the endof this month, said Sysma's chief executive Sin Soon Teng. He added that the company aims to continue building its order book, while maintaining focus on margins and cost.

A version of this article appeared in the print edition of The Straits Times on March 27, 2019, with the headline 'Company Briefs'. Print Edition | Subscribe