This latest round of funding was led by Lone Pine Capital, flanked by new investors G Squared and Vetamer Capital. Alongside them came further funding from existing investors including the likes of 1835i Ventures (formerly ANZi), DST Global, Salesforce Ventures and Sequoia Capital China.
“We are excited to welcome Lone Pine Capital and our new Silicon Valley investors,” said Jack Zhang, co-founder and CEO at Airwallex.
“Their wealth of experience, foresight and successful industry track records are a significant validation of our business and global growth strategy.”
It was said the investment will continue to support the company’s global expansion, alongside stimulating progress in product development initiatives and catalysing growth in its sales and commercial teams.
As a result, Airwallex will use the opportunity afforded by the additional funding to expand its offerings for SMEs and larger enterprises.
“From the start, our vision has been to build a global financial operating system that will allow modern businesses to operate without borders,” Mr Zhang added.
“This additional capital enables us to scale our presence in North America, UK, Europe and other new markets including the Middle East, South America and Southeast Asia, and become a dominant leader in global payments.”
The latest round of funding follows a sizeable business expansion in the last year — the company recorded year-over-year revenue growth of nearly 150 per cent for the first half of 2021 and processed more than US$20 billion for a global client portfolio.
As Airwallex’s client base has grown, it has come to feature such names as GOAT, Papaya Global and Stake.
David Craver, managing director at Lone Pine Capital, said that the Airwallex’s “clear competitive advantage” was pivotal in the firm’s decision to lead the latest round of funding.
“Its [Airwallex’s] unique Asia-Pacific roots, coupled with its innovative infrastructure, products and services, speak volumes about the business’s global growth opportunities and its impressive expansion in the competitive payment providers space,” he said.
“We are excited to invest in Airwallex at this dynamic time, and look forward to helping drive the company’s expansion and success worldwide.”
The latest investment in Airwallex follows an extended series D capital raise in March, which has assisted the firm in doubling its headcount throughout 2021 and contributed to the launch of a series of new products across new geographies.
The company has secured more than US$700 million in investment since its establishment in 2015.