Airwallex becomes payments unicorn with $100m funding
Payments start-up Airwallex has raised Series C funding of $100 million led by DST Global and thus become a fintech unicorn.
Airwallex specialises in low-cost, seamless cross-border payments. It now has a valuation of more than $1 billion.
DST Global, the investment firm, has backed Facebook, Airbnb and Spotify, as well as fintechs like Nubank and Robinhood.
Alongside DST Global, existing participants from Airwallex’s previous rounds returned including Sequoia Capital China, Tencent, Hillhouse Capital, Gobi Partners, Horizons Ventures and Square Peg Capital.
The new capital will be used to expand Airwallex’s suite of international collection and payment products and to support global expansion into the US, Europe and Southeast Asia. The new funding round brings the total amount of external funds raised to over $200 million.
Airwallex targets marketplaces, merchants and small and medium enterprises (SMEs).
Airwallex has picked London as the location of its European headquarters and will kickstart its UK operations immediately, led by James Butland, VP, European growth at Airwallex.
In the UK, after being granted an EMI license by the FCA in November 2018, Airwallex will target SMEs and online marketplaces that are looking towards international expansion.
Founded in Melbourne (Australia) in 2015, Airwallex supports clients like JD, Tencent, Ctrip and Mastercard.