INSUBCONTINENT EXCLUSIVE:
Airwallex, a three-year-old fintech startup focused on international payments for SMEs and businesses, is putting itself on the map after it
funding round is the second-largest financing deal for an Australian startup in history
The round was led by existing investors Tencent, the $500 billion Chinese internet giant, and Sequoia China
overseas remittance service for its WeChat app.Airwallex handles cross-border transactions for companies that do business in multiple
countries using international currencies
A use case example might include helping a China-based seller return money earned in the United States or Europe via Amazon or other
e-commerce services, or route sales revenue back directly from their own website.Airwallex CEO Jack Zhang (far right) onstage at TechCrunch
region, and in particular Australia, Hong Kong and Southeast Asia
With this new capital, Airwallex co-founder and CEO Jack Zhang said the company will increase its focus on Hong Kong and Southeast Asia,
whilst also extending its business in Europe (where it has a London-based office) and pushing into North America.Product RD is shared across
Melbourne and Shanghai, while Hong Kong accounts for business development, compliance and more, Zhang explained
is in the process of applying for a virtual banking license in Hong Kong, a third-party payment license in mainland China and a cross-border
One goal, Zhang revealed, is to offer working capital loans to SMEs to help them scale their businesses to the next level
Airwallex is working with an undisclosed partner to underwrite deals in the future
