Airwallex secures USD 100 Mn to augment its banking & payments platform
Author : Pankaj Singh | Published Date : 2021-11-19
Airwallex, a banking and payments platform secured USD 100 million to expand its business into more markets across the world.
The funding round was led by Lone Pine Capital and joined by Sequoia Capital China, and 1835i Ventures, which are all previous investors. This round is an extension of the Series E funding, which was announced in September, and brings the total investment to around USD 300 million. Airwallex’s valuation stands at USD 5.5 billion with this latest injection.
Notably, Airwallex has a customer base of around 20,000, across areas like e-commerce, professional services, and tech/SaaS companies. It also has over 500 large platform customers that have included the company’s services within their service offerings to power transactions for their customers.
Over the past year, the COVID-19 pandemic led to a major shift towards e-commerce among businesses and consumers. This has required organizations to upgrade their infrastructure to serve growing customer needs. Airwallex has monetized on this opportunity by providing all services required by companies to update and improve e-commerce.
Many other companies like PayPal, Stripe, Revolut, and more, are competing with the company to serve these needs.
The co-founder and CEO of Airwallex, Jack Zhang, mentioned that the company’s revenues increased 100% in Q3 as compared to Q2. He added that annualized revenues of the startup in that quarter were around USD 100 million. The company initially had a target to achieve this by the end of the year but delivered it a quarter earlier.
David Craver, Lone Pine Capital’s Co-Chief Investment Officer, mentioned that Airwallex’s achievements in the recent quarter indicate the strength of its business model and its ability to cater to the evolving needs of customers.
Airwallex was originally built around business banking, but recently the company has also moved into the payments sector to complement its initial service offerings.
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About Author
Pankaj Singh . .
Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605
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