PayTech unicorn Airwallex has been valued at $4bn following the close of an oversubscribed Series E round, which comes just months after it closed a Series D extension.
The $200m Series E was led by Lone Pine Capital, with commitments also coming from first-time Airwallex backers G Squared and Vetamer Capital. Previous backers 1835i Ventures (formerly ANZi), DST Global, Salesforce Ventures and Sequoia Capital China also jumped in on the Series E round.
Funds from the round have been earmarked for global expansion and product development initiatives. Capital will also be used to grow its sales and commercial teams and extend its offerings to SMEs.
Airwallex previously raised $100m through a Series D extension round in March 2021. The round had put its valuation at $2.6bn.
The FinTech company has experienced strong growth in the past year, recording a year-over-year revenue increase of nearly 150% for the first half of 2021. Furthermore, it also boasts annualised processing of over $20bn for its global client portfolio, which has quadrupled in size. Its clients include GOAT, Papaya Global and Stake.
Other growth stats for Airwallex include nearly doubling its headcount in 2021 and launching a selection of new products.
Airwallex co-founder and CEO Jack Zhang said, “From the start, our vision has been to build a global financial operating system that will allow modern businesses to operate without borders.
“This additional capital enables us to scale our presence in North America, UK, Europe and other new markets including the Middle East, South America and Southeast Asia, and become a dominant leader in global payments.”
The FinTech company is a global payment platform that is designed to help businesses operate across borders. Its features include global accounts, transfers and foreign exchange, borderless cards, payment links and more.
With the close of the Series E, the FinTech unicorn has raised a total of $700m in equity, to date.
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