Global payments platform Airwallex announced on Thursday it plans to establish Capital 49, a new venture capital fund set up by Airwallex founders, that will invest into early-stage, high-growth technology-enabled companies powered by Airwallex’s infrastructure.
The new fund aims to raise $200 million through the Airwallex founders and other investors, the company said in a statement.
It will look for opportunities to invest in companies within Airwallex’s ecosystem, across a number of industries including e-commerce, SaaS, digital and technology, business services and enablers, and FinTech. To date, Capital 49 has completed investments in two FinTech firms.
“As part of the FinTech and start-up ecosystem, we have consistently observed that a clear technological advantage is incredibly important for a business to stand out from the competition. That is why we are committed to invest in and foster the growth of tech-enabled companies, particularly at a time where there is a huge appetite for innovative solutions to enhance business efficiencies,” said Airwallex Co-Founder and Chief Executive Officer Jack Zhang, who is also the Founder of Capital 49.
Founded in 2015 in Melbourne and headquartered in Hong Kong, Airwallex has grown to become a global FinTech platform that is supported by over 800 employees across 12 global offices.
Earlier this year, Airwallex announced an additional capital raise of $100 million, nearly tripling its valuation to $2.6 billion in two years.
Airwallex continues to broaden its suite of products and applications, providing end-to-end solutions for customers across business accounts, expense cards, and other customized value-add solutions.
Most recently, Airwallex announced the rollout of its online payment solution in Hong Kong and Australia, as well as the launch of its Airwallex Borderless Cards for businesses in Hong Kong.
“With this fund, we will continue to empower businesses to grow without borders by providing them access to capital, a global network, and deep insights and expertise, while ensuring we continue to generate financial returns for our investors,” Zhang added.
Airwallex has built a global financial infrastructure and platform to help businesses to manage payments, treasury, and expenses internationally, without the constraints of the traditional financial system. It has secured over $500 million since it was established in Melbourne in 2015.
Airwallex announced in March that the company’s valuation has increased to $2.6 billion with a capital raising of $100 million in a further Series D extension.
Lifting Airwallex’s Series D funding to $300 million, the latest tranche followed its initial Series D round in April 2020 during the pandemic, and the extension round in September 2020.
The round has been led by US-based investment firm Greenoaks. Australia-based Grok Ventures, Skip Capital, and ANZi Ventures, the investment arm of ANZ Bank, have also participated in the round.
Airwallex has reached unicorn status during its Series C fundraising in March 2019.
Other investors of Airwallex include Salesforce Ventures, DST Global, China internet giant Tencent, Sequoia Capital China, Hillhouse Capital, Horizons Ventures, among others.