Banking News

Ripple partner Airwallex raises $160m for payment solution

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Yesterday, Aussie fintech Airwallex announced it raised $160 million in a Series D funding round led by ANZi Ventures, the investment arm of ANZ Bank, and Salesforce Ventures. The company aims to use the proceeds to fund growth in Europe, the U.S., and other markets, as well as expand its product offerings and explore acquisition opportunities. 

The funding round also involved existing investors such as DST Global, Tencent, Sequoia Capital China, Hillhouse Capital and Horizons Ventures. To date, the company has raised a total of $360 million. 

RippleNet partner Airwallex provides a foreign exchange solution for businesses that need to move money across borders. The company has developed a ‘Global Accounts’ offering, which allows small and medium-sized businesses to collect funds from international customers in their local currencies. 

The blockchain firm wants to develop an end-to-end international payment platform for businesses. Currently, it offers low-cost payments and collections in AUD, USD, EUR, GBP, HKD, and CNY. The company has also started to develop enterprise solutions.

“The global shift to digital is imminent,” said Jack Zhang, CEO and Co-founder of 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.” 

Airwallex became a unicorn startup after its $100 million Series C round. It has since expanded its portfolio considerably and recently launched the Airwallex Borderless Cards in partnership with Visa. It also enabled integration with Xero, the accounting system.