Airwallex closes Series B fundraising with $80m

SINGAPORE, July 3: International payments company Airwallex announced on Tuesday the successful completion of its Series B fundraising.
The company has now secured US$80 million in outside investment, taking their total fundraising to US$102 million, says a statement of Media Outreach.
In this round, returning Series A investors Tencent and Sequoia China were joined by China-based Hillhouse, Sir Ka-Shing Li's Horizons Ventures from Hong Kong, Indonesia's Central Capital Ventura (BCA) and Australia's Square Peg, with whom Airwallex partnered in December for US$6m Series A+ funding.
The new funding will be used to expand operations globally, with particular focus in Southeast Asia to deliver on what Airwallex has coined the 'dream factory model.'
COO and Co-Founder Lucy Liu said, "This model focuses on delivering full end to end solutions - not just FX and payments -- enabling our clients to accelerate their global growth and open them up to new markets."
Providing connections with China and Southeast Asia remains at the core of the business.
The global distribution of Airwallex's funding will elevate their focus within the region -- the company has Singapore and Hong Kong in their sights, and will expand their presence in their home market of Australia.
Airwallex will use the new funding to seed the go-to-market for a new product suite that will solve the pain felt by SME's attempting to grow internationally, but hitting sizeable payments and FX barriers.