Thursday, April, 18, 2024 01:16:45

The investment will bring the firm’s total business value to over $1Bn and will be used for expanding its market reach.

Hong Kong-based fintech firm, Airwallex has recently raised around $100 million in a Series C funding round, led by DST Global with participation from several of its existing investors including Hillhouse Capital, Gobi Partners, Sequoia China, Square Peg Capital, Horizons Ventures and Tencent.

According to Tech in Asia, the company said that the series C funds will be used for market expansion and product development with an aim to deliver further value to online sellers, marketplaces and small and medium-sized enterprises.

Speaking on the investment, Jack Zhang, CEO, Airwallex, said that the company, for the first time, is being public with its market valuation as it offers a major validation which will help the firm build a reputation and develop additional services in the financial services space.

He said that the firm has led talks with a number of global funds but decided to pick DST Global to help it open ways for larger opportunities as to fulfill its vision to expand globally. Zhang added that the company has served a lot of internet firms, however, now aims to go after small companies and help all businesses to grow and expand worldwide.

Founded in Melbourne, Airwallex helps banks and businesses to perform cross-border transfers at high-speed and low cost compared to traditional options. The company offers foreign currency exchange services and an integrated payments suite for online retailers.

Reportedly, in December 2018, the startup was granted an electronic money institution license by the U.K.’s Financial Conduct Authority, allowing it to offer services throughout the EU. It also holds an Australian financial services license and is registered as a money service business in Canada.

Reliable reports claim that Airwallex is currently targeting banking licenses in selected markets, through which it could raise additional capital at the end of 2019 or the start of 2020.