Airwallex is a global financial services provider for businesses managing their money internationally. It is one of the companies that seem to be faring well this year as it has now announced raising €34.2M in an extended Series D funding round. This announcement comes soon after the company raised a notable €137M in Series D round previously, which was led by some well-known investors such as Horizon Ventures, Sequoia Capital, and DST Global, among others.
Expanding services to new regions
With the fresh amount Airwallex has raised, it plans to work upon its offerings and product suite. Along with plans to strengthen its existing footprint in regions such as Asia-Pacific and UK & Europe, the company plans to expand its global payment coverage and include regions such as the Middle East, Eastern Europe and Africa. Airwallex is also working on entering into the US market by Q1 2021.
Jack Zhang, CEO and co-founder of Airwallex, says, “A major shift in the way businesses operate from offline to online is something Airwallex predicted from our inception. However, 2020 has fast-tracked this transition in a way no one could have foreseen. Businesses are now racing to embrace digital transformation at an unprecedented rate. We are more certain than ever that the digital economy is going to be the centre of the world’s economic structure.”
Accelerated demands for digital payments
There’s no doubt that the coronavirus pandemic has severely impacted 2020. While the global economy is recovering slowly, the pandemic brought along an accelerated digital adoption of almost all services. From education to payments, everything has almost completely migrated online. Airwallex did well this year since it offers services that support digital payments.
The company reports over 50% increase in its global customer base and over a 100% increase in net revenue in Q3 2020 over Q2 2020. The company has reported this in the e-commerce, digital, tech, and logistics sectors. This year, Airwallex also introduced a host of new products such as virtual multi-currency debit cards with Visa, a bank feed integration with Xero, a new rewards program, and card payment acceptance capabilities.
Airwallex is also on the lookout for new team members as it is now hiring for over 100 vacancies, which are available across its global offices.
Image credits: Airwallex