Airwallex pumps $165m into Singapore entity

Photo credit: Airwallex

The Singapore entity of Airwallex, a multinational fintech and SaaS company, has received a capital injection of US$165 million over a year after its launch in the city-state.

The new funds were transferred from its Australia-based parent firm, according to VentureCap Insights, which tracks regulatory filings.

Tech in Asia has reached out to Airwallex for comments.

According to VCI filings, Airwallex Singapore recorded S$7.2 million (US$5.4 million) in revenue last year. Meanwhile, its loss from operating activities increased to US$5.9 million in 2022 from US$4.3 million in the year before.

Founded in Australia in 2015, Airwallex announced its official launch in Singapore in January 2022. It secured a major payment institution license from the city-state’s central bank in 2021.

Airwallex Singapore offers various payment services, such as global account issuance, domestic and cross-border money transfers, multicurrency wallets, and online payment acceptance.

Airwallex has offices across Australia, Asia, Europe, and North America. In Asia, the fintech unicorn also has a presence in Malaysia, Israel, Greater China, Hong Kong, India, and Japan.

See also: The key players in Singapore’s thriving fintech space (update)

Currency converted from Singapore dollar to US dollar: US$1 = S$1.3.