Hong Kong fintech startup Airwallex looks to raise $200m for new VC fund

Global payments platform Airwallex said it plans to establish a new venture capital fund that aims to invest in early-stage tech firms built on its infrastructure. Called Capital 49, the new fund is targeting to raise US$200 million via contributions from the startup’s founders and other investors.

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

The funds will be disbursed to companies across several industries, including ecommerce, fintech, software as a service, and business services and enablers. Prior to Capital 49’s official launch, the fund had already completed investments in two fintech firms.

Founded in Australia but based in Hong Kong, Airwallex employs 800 workers across 12 global offices. The firm offers multicurrency accounts for businesses to send and collect money as well as a suite of application programming interfaces for accepting payments and launching fintech products globally.

Capital 49 would give businesses “access to capital, a global network, and deep insights and expertise,” while generating financial returns for its investors, said Airwallex co-founder and CEO Jack Zhang.

The announcement about the new fund comes after Airwallex’s valuation jumped to US$2.6 billion following a US$300 million series D funding round.