Airwallex secures payments license in China

Photo credit: Airwallex

Airwallex, a global payments and financial platform, has acquired a payment business license in China.

With the license, the Hong Kong-based firm can now operate as a third-party payment provider in China and has increased access to the local market.

Airwallex said it obtained the license through its acquisition of Guangzhou Shang Wu Tong Network Technology Co, an information and online payment services company. All relevant regulatory authorities in China approved the deal, according to a statement.

The new license adds to Airwallex’s existing licenses in other major markets such as Australia, Hong Kong, New Zealand, Singapore, the UK, and the US.

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Founded in 2015, Airwallex operates in over 150 countries and handles US$50 billion in annualized transactions. Its platform offers businesses tools for managing payments as well as cards and expenses. It also provides embedded finance solutions for digitally native businesses.

The new license follows Airwallex’s US$100 million series E2 raise last year from investors like Square Peg, Sequoia Capital China, and Tencent.

Airwallex also recently appointed Kai Wu as its chief revenue officer and general manager for the Asia Pacific.