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Banking & finance
BusinessBanking & Finance

Li Ka-shing and Tencent-backed Airwallex’s valuation swells to US$5.5 billion after latest funding round

  • Fintech unicorn raises another US$100 million in Series E1 funding
  • Its third-quarter revenue rose by 165 per cent

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Jack Zhang, the co-founder and CEO of fintech firm Airwallex. Photo: Xiaomei Chen
Chad Bray
Airwallex, the fintech unicorn backed by Tencent Holdings and tycoon Li Ka-shing’s Horizons Ventures, said its valuation soared to US$5.5 billion following its latest oversubscribed round of fundraising.

The company raised US$100 million in its Series E1 funding, which was led by Lone Pine Capital and included investments from 1835i Ventures and Sequoia Capital China.

Airwallex raised another US$200 million in Series E funding in September. It has raised more than US$802 million to date.
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“Our record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses,” said Jack Zhang, Airwallex’s co-founder and CEO.

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“As we approach our sixth anniversary, we want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world,” he added. “This new capital injection will allow us to do just that, fuelling M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders.”

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Airwallex, which was founded in Melbourne in 2015, has seen its value more than double in the past eight months. It was valued at US$2.6 billion after a Series D round in March.
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