Sequoia-backed Airwallex secures $200m funding at $4b valuation

Global payments startup Airwallex has raised US$200 million in an oversubscribed series E financing round, lifting the company’s valuation to US$4 billion.

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

The funding round was led by Lone Pine Capital. New investors including G Squared and Vetamer Capital Management also joined the round, along with existing investors 1835i Ventures, DST Global, Salesforce Ventures and Sequoia Capital China.

The latest investment will be used to accelerate Airwallex’s expansion plans and introduce product development initiatives across its engineering hubs. It will also increase hiring in its sales and commercial teams.

“This additional capital enables us to scale our presence in North America, UK, Europe and other new markets including West Asia, South America and Southeast Asia, and become a dominant leader in global payments,” said Jack Zhang, co-founder and CEO of Airwallex.

The company provides a financial platform, which can help businesses manage online payments, treasury and payout globally.

Airwallex said its revenue increased by about 150% in the the first half of 2021 from a year ago. It has nearly doubled its headcount in 2021, and employs about 1,000 staff across 20 locations globally.

To date, Airwallex has amassed over US$700 million in funds.

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The startup recently secured a money services business license from the Central Bank of Malaysia (Bank Negara Malaysia), which allows the company to offer international payment solutions for businesses in the country.