Hong Kong Fintech Unicorn seeks to raise up to $150m in another funding round: Bloomberg


Airwallex, a Hong Kong-based fintech unicorn backed by Tencent’s Horizons Ventures and Li Ka-shing, is seeking to raise up to $150 million, according to a report by Bloomberg News.

The seven-year-old startup has already raised a total of $400 million since March last year from investors across three funding rounds. San Francisco-based Greenoaks led a $100 million funding round in March 2021, which was followed by a $200 million round led by Lone Pine Capital in September and an additional $100 million in november.

A company spokesperson declined to confirm the fundraising effort. The November funding round valued Airwallex, which achieved unicorn status in 2019, at $5.5 billion.

Airwallex has raised a total of $802 million since its inception in 2015. Its other investors include Sequoia Capital China, Hillhouse, Gobi Partners, Israeli-Russian billionaire Yuri Milner’s DST Global, 1835i Ventures (formerly the innovation unit of the Australian and New Zealand banking group) and Central Capital Ventura, the venture capital arm of Bank Central Asia in Indonesia.

CEO Jack Zhang previously said the $100 million raised in November would go towards mergers and acquisitions opportunities that would accelerate Airwallex’s global expansion. Activity had increased in the third quarter of 2021 around Asia-Pacific, Europe and the Middle East while showing “early momentum” in the United States, Airwallex said last year. Airwallex had launched “virtual employee cards” in Hong Kong and launched in Southeast Asia.

Zhang co-founded Airwallex with Xijing Dai, Max Li and Lucy Liu, who made the 2020 Power Businesswomen and 30 Under 30 Asia list in 2017.

The Airwallex platform is designed to help businesses manage online payments and payments without using the traditional financial system. Airwallex can make cross-border payments in around 30 currencies in 130 countries. It has more than 1,000 employees and 19 sites around the world.


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