Airwallex, an Australia-based fintech platform, announced Thursday it has raised an additional $100 million in a Series E1 financing round, which raises its valuation to $5.5 billion.
Lone Pine Capital remained the lead for this financing, alongside other existing investors including 1835i Ventures, the venture capital partner to ANZ, and Sequoia Capital China.
The funding comes just a month after Airwallex announced an oversubscribed Series E round as the company looks to accelerate its global expansion plans. This latest round takes Airwallex’s total Series E fundraising to $300 million, with $802 million raised in total.
The Series E1 funding round was again oversubscribed, on the back of strong underlying business performance and momentum in the third quarter, Airwallex said in a statement.
This latest raise follows the company’s strong third-quarter performance, where the company recorded a 165 percent year-on-year revenue increase, with annualized revenue exceeding $100 million.
The company also made more than 200 additional hires as Airwallex continues to strengthen its presence in its core markets globally.
“Our record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses,” said Jack Zhang, Co-founder and Chief Executive Officer of Airwallex.
“As we approach our sixth anniversary, we want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world. This new capital injection will allow us to do just that, fuelling merger and acquisition opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders,” he added.
In the last quarter, Airwallex continued to scale its business across Asia Pacific, Europe, the Middle East, and Africa, while also achieving early momentum in the U.S.
The company launched its virtual employee cards in Hong Kong and the UK, marked its entry into Southeast Asia with licenses in Singapore and Malaysia, and continued to onboard new global customers.
“Airwallex’s achievements in the last quarter alone showcases the strength of the company’s business model and its unique ability to meet customers’ evolving needs in a competitive digital payments market,” said David Craver, Co-Chief Investment Officer at Lone Pine Capital.
“The future is bright for Airwallex, and we look forward to helping its team unlock greater growth opportunities as it continues to expand globally,” he added.
Airwallex was founded in Melbourne in 2015 by Jack Zhang and Max Li together with friends from the University of Melbourne, Lucy Liu, and Xijing Dai. It is a global payments platform with a mission to empower businesses of all sizes to grow without borders, and by doing so, contribute to the global economy.
With technology at its core, Airwallex has built a financial infrastructure and platform to help businesses manage online payments, treasury, and payout globally, without the constraints of the traditional financial system.
It has secured over $800 million since it was established in 2015 and is backed by world-leading investors. Today, the business operates with a team of over 1,000 employees across 19 locations globally.