Australia-based international payments firm Airwallex has completed its Series B fundraising, adding $80 million in outside investment from return backers Tencent and Sequoia China, and other companies.
Founded in 2015, the latest funding round brings the start-up’s total investment amount to $102 million.
The newly acquired fund will be used to expand operations globally, with particular focus in South East Asia to deliver on what Airwallex has coined the 'dream factory model,' says a media-outreach statement Tuesday.
While explaining this dream project, Lucy Liu, COO and Co-Founder of the fintech company, said "This model focuses on delivering full end to end solutions - not just FX and payments -- enabling our clients to accelerate their global growth and open them up to new markets."
Providing connections with China and other SEA remains at the core of Airwallex's business. The company has also Singapore and Hong Kong in its sights, and will expand the presence in home market of Australia.
In recent months, the Singapore based team has grown rapidly, adding senior product and business development roles.
Within Hong Kong, funds will be put towards encouraging financial inclusion for SMEs in the market, and will seek to acquire a Virtual Banking licence there to support the fintech ecosystem globally.