Aussie fintech Airwallex has raised another $56 million as it eyes expansion in the US, Middle East and Africa

Airwallex team. Image supplied

• Airwallex nabbed an additional US$40 million ($56 million) in an extended series D funding round, taking its total funding in the round to US$200 million ($282 million).
• To date, the Australian fintech has raised US$400 million ($565 million).
• The funding will be used to boost Airwallex’s reach in existing markets and further expand internationally.
• Visit Business Insider Australia’s homepage for more stories.

Airwallex has secured even more funding.

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In an extended series D fundraising round, the Australian fintech nabbed an extra US$40 million ($56 million) from new and existing investors.

This amount, including its US$160 million ($254 million) raise announced in April this year, brings Airwallex’s total funds during this round to US$200 million ($282 million).

To date, Airwallex has raised US$400 million. The extra funding will help the company continue building its product suite, boost its footprint in existing locations such as the Asia Pacific and Europe and expand its services to Africa, the Middle East and Eastern Europe.

Airwallex is also set to enter the US in 2021.

As the demand for digital payments has grown this year, Airwallex reported a more than 50% rise in its customer base around the world. Plus, it has seen a more than 100% jump in net revenue during the third quarter of 2020, compared to the second quarter, especially across the digital, tech, e-commerce and logistics sectors.

“A major shift in the way businesses operate from offline to online is something Airwallex predicted from our inception,” Airwallex CEO and cofounder Jack Zhang said in a statement.

“However, 2020 has fast-tracked this transition in a way no one could have foreseen. Businesses are now racing to embrace digital transformation at an unprecedented rate. We are more certain than ever that the digital economy is going to be the centre of the world’s economic structure.”

This year, Airwallex has revealed a string of new products such as borderless multi-currency debit cards with Visa, an integration with Xero and a business to business rewards program.

It has also hired more than 140 workers during the first half of 2020 and is looking to fill more than 100 roles in its global offices.

Zhang added that the company’s latest funding round “sets Airwallex up with a solid foundation for the years ahead.”

“To support business growth in this new digital era, Airwallex has invested heavily over the past few years in building a global digital infrastructure and an extensive suite of products that enable businesses to efficiently move and manage their money across borders,” he said.

“Across 2020, Airwallex has increased execution velocity in product innovation, infrastructure and coverage expansion – all while ensuring that it continues to deliver an outstanding customer experience.”

The latest funding round comes after Airwallex was ranked on Forbes’ Cloud 100 list – a list of the top private cloud companies in the world. Airwallex was joined by fellow Australian businesses Canva and Culture Amp.