Sequoia-backed Airwallex bags $100m top-up to series E round

Global fintech platform Airwallex has raised an additional US$100 million in its series E1 financing round.

The Airwallex team / Photo credit: Square Peg

Lone Pine Capital led the oversubscribed round alongside other existing investors such as Sequoia Capital China and 1835i Ventures, the venture capital partner of Australia and New Zealand Banking Group.

This latest funding lifts Airwallex’s valuation to US$5.5 billion. This comes after the company banked US$200 million in an oversubscribed series E round at a valuation of US$4 billion in September.

“This new capital injection will allow us to fuel M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders,” said Jack Zhang, co-founder and CEO of Airwallex.

With presence in over 19 countries, Airwallex’s platform helps businesses worldwide manage online payments, treasury, and payouts.

During the September quarter, the startup clocked a 165% year-on-year revenue jump, with its annualized revenue exceeding US$100 million. The company also said that it made more than 200 additional hires in the quarter.

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Airwallex has launched its virtual employee cards in Hong Kong and the UK, and marked its entry into Southeast Asia with licences in Singapore and Malaysia during the quarter.

The company has raised a total of US$802 million to date.