Fintech unicorn Airwallex nets an additional $40m in an extended series D round

Fintech unicorn Airwallex today announced that it has raised an additional US$40 million in its extended series D funding round from both new and existing investors.

Airwallex co-founder and CEO Jack Zhang / Photo credit: Airwallex

The latest investment, which comes after it secured US$160 million in April, brings the total equity funding raised to date to over US$400 million, according to a statement.

With the new funds, the company will continue building out its product suite, strengthen its existing footprint in key regions such as the Asia Pacific, UK, and Europe, and expand its global payment coverage to include additional regions such as the Middle East, Eastern Europe, and Africa.

It is currently preparing for its market entry into the US in Q1 next year.

Founded in 2015, Airwallex enables international collections and payments via an application programming interface (API). Its business account and borderless card offerings are designed to help businesses grow both domestically and internationally.

The company said it has seen its business thriving given the accelerated demand for digital payments this year.

It reported a more than 50% increase in its global customer base and more than 100% growth in net revenue in Q3 this year, compared with Q2, particularly in the ecommerce, digital, tech, and logistics sectors.

To help drive its international expansion goals, it has been hiring more than 140 staff in the first half of the year, and is still looking to fill over 100 open roles across its global offices.

“Businesses are now racing to embrace digital transformation at an unprecedented rate. We are more certain than ever that the digital economy is going to be the center of the world’s economic structure,” said Jack Zhang, CEO and co-founder of Airwallex.

In 2017, the company raised US$22 million in a series A round and an US$80 million series B raise a year later, followed by a US$100 million series C funding led by DST Global in March 2019.