Source: Fortune
Summary
Airwallex, a fintech company based in Australia, raised $320 million in a Series H funding round, valuing the company at $11 billion. The round was led by Addition and included investments from Baillie Gifford, T. Rowe Price, and others. CEO Jack Zhang said the funds would support the company’s move toward “autonomous finance” and “agentic commerce.” Airwallex also introduced T:0, an automated bookkeeping system, and Ari, an AI-powered wallet. The company is expanding into new markets, including the U.S., Mexico, and Brazil, and is preparing for an IPO, though a date has not been set.
Our Reading
The numbers tell one story.
Airwallex raised $320 million, valuing the company at $11 billion.
The company is pushing AI-powered tools like T:0 and Ari.
It’s expanding globally, including into the U.S. and Asia.
It’s still planning an IPO, but timing depends on market conditions.
Author: Evan Null
Chasing customers across borders
Airwallex started in Australia to help businesses move money across borders. It now serves over 675,000 businesses with $1 billion in annualized revenue. The company is expanding into the U.S., South Korea, Mexico, and Brazil, sometimes through acquisitions. It’s also using client demand to enter new markets. For example, expanding into Brazil helped attract customers looking to move toward Asia. Airwallex is positioning itself as a one-stop shop for global payments, banking, and treasury management.
A rebound?
Asian venture funding is recovering after a slow period. In Q2, $50.8 billion was raised, the highest since 2021. However, most of the funding went to Chinese AI and hardware startups. Airwallex’s Series H round is part of a trend toward later-stage investments. Investors are looking for proven track records before investing. Companies like Databricks are raising even more money in later rounds. Many are staying private longer, avoiding IPOs due to market uncertainty.
Geopolitics and regulatory scrutiny
Airwallex faces scrutiny over its ties to China. Senator Tom Cotton accused the company of having deep connections to Beijing, citing a Tencent stake and China’s National Intelligence Law. The company denies the allegations, saying U.S. data is stored domestically and that Tencent’s stake is passive. Airwallex has invited third-party audits to prove its compliance. It also faces regulatory pressure in Australia, where AUSTRAC ordered an external audit for anti-money laundering compliance. Liu says the probe is industry-wide, not specific to Airwallex.
Overconfidence
Liu, 35, was born in China and later moved to New Zealand and Australia. She joined Airwallex in 2015, offering $1 million in seed capital when Zhang needed $500,000. She admits to overconfidence at the time, traveling frequently and working long hours. Liu is on Fortune’s Most Powerful Women Asia list but prefers not to be defined by her gender. She says she doesn’t want to be seen as an exception, as it could make it harder for other women to raise money.
Australia’s small pond
Australia has become a hub for tech startups, with companies like Canva and Atlassian. A decade ago, Australian founders focused on domestic issues, but now they’re building global businesses. Airwallex moved its co-headquarters to Singapore and San Francisco, citing Australia’s small market and talent pool. Liu says Australia needs more funding and mentorship to help tech companies grow globally. Despite its challenges, she believes AI and tech companies can succeed in Australia with the right support.
