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Nearly two months after announcing a $275 million Series E raise, Australian fintech platform Airwallex has today added an extra US$100 million (AUD$138 million) to the raise, significantly boosting its valuation.
This latest 'E1' round brings the total Series E fundraising to US$300 million (AUD$413 million), and gives Airwallex a valuation of $7.6 billion - roughly $2 billion more than its prior valuation.
The round was again oversubscribed, with the funds to be used for the Melbourne-founded, Hong Kong-based unicorn’s international expansion plans, enabling it to accelerate multiple product development initiatives.
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.
It follows a strong third-quarter performance, with the company saying it recorded a 165 per cent year on year revenue increase and annualised revenue exceeding US$100 million (AUD$137 million).
The fintech 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,” Airwallex co-founder and CEO Jack Zhang said.
“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 M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders.”
During the last quarter, the company says it continued to scale its business across APAC and EMEA (Europe, the Middle East and Africa), and launched its virtual employee cards in Hong Kong and the UK.
“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,” Lone Pine Capital co-chief investment officer David Craver said.
“The future is bright for Airwallex, and we look forward to helping its team unlock greater growth opportunities as it continues to expand globally.”
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