The Australian-based company says it will use the funding to continue product and technology development across its five engineering hubs, build out its sales and commercial teams and further geographical expansion. The service provider has recently begun entering into international markets wants to gain market traction in the UK and US.
New investors G Squared and Vetamer Capital joined exiting backers 1835i Ventures, DST Global, Salesforce Ventures and Sequoia Capital China in the funding round’s participation. The Series E comes only six months after Airwallex’s prior $100 million Series D in March, and brings the company’s total funding to over $700 million through nine funding rounds.
“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,” Airwallex CEO and co-founder Jack Zhang stated in the release.
Airwallex provides business banking fintech services to businesses through APIs as well as direct integrations, using a completely ground-up infrastructure to offer financial banking to small- and medium-sized enterprises. The company also provides cross-border payments, launching the service last month in the US and recently secured an EMI license in the Netherlands and Money Services Business license in Malaysia.
“In [the] last 6 years, we’ve built more than 50 bank integrations and now offer payments across 95 countries payments through a partner network,” Zhang told TechCrunch.
Founded in late 2015, the company’s embedded finance approach has prompted a 150% increase in revenue for the first half of the year compared to last, with over 60% of its revenue coming from embedded API integrations. Airwallex has now processed more than $20 billion for its global client portfolio, which includes tens of thousands of clients including GOAT, Papaya Global and Stake.
In other recent fintech news, API platform Lithic unveiled its card issuing developer partner program, expediting the process for companies to supply physical and virtual debit and credit cards. Community bank and fintech matchmaking platform Synctera also announced signing Plaid, Feedzai and Finix alongside its new card launch.