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Fintech unicorn Airwallex nets USD 160 million to expand worldwide

Airwallex said it’s on the lookout for potential acquisitions in the payments space.

Airwallex, a fintech startup that reached unicorn status last year, announced that it has raised USD 160 million in a Series D funding round, bringing its total capital raised to USD 360 million.

Investors in the round include new backers ANZi Ventures and Salesforce Ventures, as well as existing investors DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures.

Founded in 2015, Airwallex enables low-cost and high-speed international collections and payments via an application programming interface. Its business account and borderless card offerings are designed to help businesses grow both domestically and internationally.

The company will use the new funds to grow worldwide through customer acquisition and licensing in Europe, the US, and new markets such as the Middle East, according to a statement. It currently has 10 offices in Melbourne, Hong Kong, Shanghai, Shenzhen, Beijing, Singapore, London, San Francisco, Tokyo, and Bangalore.

Airwallex said it’ll also be on the lookout for potential acquisitions in the payments space.

Part of the fresh capital will also go towards expanding its product line to include payment acceptance solutions.

“The global shift to digital is imminent”

Recently, the company launched Airwallex Borderless Cards with Visa to enable Airwallex account holders to pay suppliers and let their teams make corporate purchases. It also partnered with Xero to enable small and medium-sized businesses to connect their multi-currency financial transactions in Airwallex to Xero.

“The global shift to digital is imminent,” said Jack Zhang, CEO and co-founder at Airwallex. “We envision a world in the not-too-distant future where all businesses will operate and conduct their affairs online—including banking—with the help of modern tools.”

The latest round comes one year after it raised USD 100 million in a Series C round led by DST Global. In 2017, it raised USD 22 million in a Series A round, followed by an USD 80 million Series B raise a year later.

This article first appeared in Tech in Asia.