Cross-border payments startup Airwallex has secured $13 million in a Series A funding round led by Tencent Holdings, Sequoia Capital China, and Mastercard. The company has raised from backers a total of $16 million in venture funding to date.
Melbourbe-based fintech firm has amassed an impressive roster of investors which in addition to existing investors included China’s Gravity VC which led a $3 million pre-launch round in early 2016.
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Airwallex plans to use the funds to develop its proprietary technology stack and roll out a suite of APIs for e-commerce platforms and a multi-currency digital wallet. The new monies will be also used to fuel the company’s global expansion and strengthen its Melbourne and Chinese development teams as more platforms and apps flood the ever growing remittances market.
Entrepreneurs have taken note of this market opportunity in this segment and are establishing more platforms and startups that changes the way money flows through today’s digital economy. Alibaba-backed Alizila estimates cross-border e-commerce will be worth $1 trillion by 2020, up from $230 billion in 2014.
Airwallex offers integrated solutions for business and personal cross-border transactions. It facilitates international money transfers through a combination of payment collection, foreign exchange, remittance and security settlement.
Launched to market in 2015, Airwallex platform enables businesses to issue and pay invoices in their preferred currency at the mid-market foreign exchange rate, avoiding inflated bank margins and minimising currency fluctuation risks.