Australia’s Airwallex raises $6M to grow its cross-border payment business

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Airwallex, an Australia-based fintech startup that helps banks and companies deal with cross-border transactions at scale, has closed a $6 million funding forward of a deliberate Sequence B subsequent yr.

The brand new funding comes from Sq. Peg — a VC agency situated in Melbourne, the identical metropolis as Airwallex HQ — which joins Tencent, MasterCard, Gobi Ventures and Sequoia China as backers of Airwallex. The startup had beforehand raised $16 million, together with a $13 million Sequence A this previous Could.

Airwallex CEO Jack Zhang mentioned he was “very honored” to achieve the backing of Sq. Peg, which is led by Paul Bassat, who took recruitment agency Search to IPO and is one in all Australia’s highest-profile founders.

“Once I was a pupil, I went to one in all his shows and it was very inspirational,” Zhang advised TechCrunch. “He’s one of many causes I did this startup; I can study lots of operational stuff from him.”

Zhang mentioned that Airwallex doesn’t want the cash however it raised all of it the identical as a result of it’s conscious that there are lots of newcomers coming into the cross-border fee area. It additionally desires to speed up its enterprise progress to assist with future fundraising. He forecasts the corporate reaching $15 million in income subsequent yr.

Airwallex CEO Jack Zhang (far proper) on stage at TechCrunch Shenzhe

Airwallex primarily provides an API service that lets prospects course of transactions throughout its system which makes use of inter-bank exchanges to commerce foreign exchange at a mid-market fee, one thing which it claims can save shoppers as a lot as 90 % on their overseas trade charges. That finally tears down one barrier that forestalls firms from gross sales in worldwide markets: value.

Its different merchandise span buying and selling and international wallets, with prospects various from institutional merchants, OTA platforms, schooling firms and e-commerce companies. Two high-profile names are literally buyers: Mastercard makes use of Airwallex to energy its “Ship” platform, whereas Tencent’s WeRemit service in Hong Kong is powered by the startup.

Zhang advised TechCrunch that Airwallex is planning for a “giant” Sequence B spherical in Q2 2017. It plans to double its present 70-person workers, and make investments closely in its Shanghai-based R&D group which collectively develop product with a Melbourne-based workplace. Airwallex additionally has workplaces in London and Shanghai. It’s actively working to open areas in San Francisco and Singapore, Zhang mentioned.

Featured Picture: Anthony Bradshaw/DigitalVision/Getty Photographs

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