Australian ‘Unicorn’ Airwallex Secures $160 Million

The company is aiming to expand in the US, Europe, and the Middle East.

Airwallex, a Melbourne-based fintech company, has closed its Series D funding round, raising $160 million.

Announced on Thursday, the round witnessed participation from ANZi Ventures, the corporate venture arm of ANZ bank, and Salesforce Ventures, along with existing investors including DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures.

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Founded in 2015, the company has gained “unicorn” status for its cross-border financing business, including foreign currency accounts that allow businesses to receive money from anywhere, targeting companies with business in multiple countries.

The recent funding round has put the total equity raised value to $362 million.

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Pushing for a global presence

The announcement also detailed that the proceeds from the fresh round will be utilized in the expansion of its business in new markets like the United States, Europe, and the Middle East; potential acquisitions; and launching new products.

Notably, following the Series C round of the Australian startup, it expanded its operations in three cities – Tokyo, Bangalore, and Dubai. It also enhanced its product capabilities, including the launch of Airwallex Borderless Cards in partnership with Visa and a highly-requested integration with accounting software Xero.

The company is also set to introduce its newly introduced products in Hong Kong this year.

“The global shift to digital is imminent. We envision a world in the not too distant future where all businesses will operate and conduct their affairs online – including banking – with the help of modern tools,” Jack Zhang, co-founder and CEO of Airwallex, said.

“From the very beginning, our vision has been to build a global financial infrastructure – by developing the Airwallex platform with fast and agile technology, continually improving our product and investing in dedicated support teams. More than ever, we are well-positioned to support businesses, no matter their size as they adapt to today’s changes.”

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