Cross-Border Fintech Airwallex Secures $100M at Flat $5.5B Valuation
Airwallex raises $100 million in a Series E extension to expand its international business banking platform despite a tough economic climate. The funding round keeps the startup's valuation flat at $5.5 billion as it reports significant revenue growth.
Airwallex raises $100 million in a Series E-2 extension to fuel the expansion of its cross-border business banking services. The Hong Kong and Australia-based startup plans to use the capital to grow geographically, launch new products in credit and expense management, and pursue mergers and acquisitions. Previous backers such as Sequoia Capital China, Tencent, and Salesforce Ventures participate in this inside round alongside new investors like HostPlus.
Despite a contracting global economy, the fintech company reports impressive financial milestones as its annual recurring revenue surpasses $200 million. Airwallex processes nearly $50 billion in annualized transactions and doubles its customer base to tens of thousands of businesses, including high-profile clients like HubSpot and GOAT. CEO Jack Zhang attributes this growth to the ongoing need for international business transactions.
The funding round reflects the current challenging investment climate, as Airwallex maintains a flat valuation of $5.5 billion. Zhang notes that raising the capital takes four months this year compared to just two weeks for a similar raise last year. The startup chooses to bolster its reserves, which already stand at $600 million, to ensure financial stability in uncertain times.