Hong Kong Fintech Startup Airwallex Raises Another Nine Figures In Funding

Airwallex, a fintech startup headquartered in Hong Kong, has raised $100 million in a funding round—just two months after it raised $200 million from investors including Lone Pine Capital, 1835i Ventures and Israeli-Russian billionaire Yuri Milner’s DST Global.

The latest funding round was led by Lone Pine Capital at a valuation of $5.5 billion, up from $4 billion in September. The startup called the funding round “oversubscribed” and “driven by strong underlying business performance in Q3.”

CEO Jack Zhang said in the statement the $100 million would drive “M&A opportunities that will accelerate our global expansion plans.”

“The future is bright for Airwallex, and we look forward to helping its team unlock greater growth opportunities as it continues to expand globally,” Lone Pine Capital co-CIO David Craver said in the statement.

Airwallex logged a 165% year-on-year revenue increase in the July to September quarter, along with annualized revenue of more than $100 million and 200 more staff members, the statement says.

Business grew in the third quarter around the Asia Pacific, Europe and the Middle East while showing “early momentum” in the United States, the statement says. Airwallex launched “virtual employee cards” in Hong Kong and the U.K. during the quarter and entered Southeast Asia with licenses in Singapore and Malaysia.

Fintech operators worldwide have had chances during the pandemic to pick up users as more people shop online, U.S.-based Fifth Third Bank said in a research note.

Zhang cofounded Airwallex in 2015 with Xijing Dai, Max Li and Lucy Liu, who made the Power Businesswomen list last year and 30 Under 30 Asia in 2017.

Airwallex facilitates quicker cross-border payments, supporting about 30 currencies across more than 130 countries, among other services. The startup said revenue grew nearly 150% year on year in the first half of 2021 and that staffing had expanded across its 20 locations.