Australian international payments start-up Airwallex has earned A$17 million (approx.. US$13 million) in funding during Series A round to fuel its exp
Australian international payments start-up Airwallex has earned A$17 million (approx.. US$13 million) in funding during Series A round to fuel its expansion.
The idea of the company is to enable more businesses to make faster, easier and cheaper payments worldwide, as their press release explained (available at: blog.airwallex.com).
Some of the investors who participated in the round were Chinese internet company Tencent Holdings, one of the earliest Chinese investment institutions Sequoia Capital Chia, payment giant Mastercard and Gobi Partners, as the statement informed.
“The continued growth of international trade and the global economy rely on efficient cross-border transactions.”, said Airwallex Co-Founder and CEO, Jack Zhang.
“Our mission is to eradicate the burden of international payments so that businesses can transact across borders with ease. Armed with a growing number of financial services licences and partnerships across numerous jurisdictions, we aim to make international payments as cheap and simple as domestic payments.”, he elaborated.
As Steven Ji, Partner of Sequoia, stated:
“Airwallex is Sequoia Capital China’s first startup investment in Australia. Foreign exchange transactions pose a real challenge for businesses that operate across borders, and Airwallex’s solution has seriously impressed us in its ability to close the gap and allow companies to financially access markets that may have previously been out of reach.”
Akrwallex helps small-and medium-sized enterprises (SMEs) to make cross-border transactions at mid-market interbank exchange rates that are cheaper than traditional money transfers. The company relies on big data analytics, quantitative models and a “sophisticated foreign exchange and payment engine”. All this makes it possible to avoid volatility and inflated margins in foreign exchange markets. The service resembles the UK-based international payments start-up TransferWise. Still, it should be noted that Airwallex works with business clients, while TransferWise answers the needs of everyday customers.