Airwallex, a Melbourne, Victoria, Australia-based payments company, completed its US$80m Series B funding.
Tencent and Sequoia China were joined by fellow China based Hillhouse, Sir Ka-Shing Li’s Horizons Ventures from Hong Kong, Indonesia’s Central Capital Ventura (BCA) and Australia’s Square Peg.
The company, which has raised US$102m in total funding, intends to use the funds to accelerate expansion of its cross-border payment technology in the UK, in North America and Canada, and continue to develop a new product suite for Australian SMEs.
Led by Jack Zhang, CEO, Lucy Liu, COO, and Xijing Dai, CTO, Airwallex offers integrated solutions for cross-border payments facilitating international money transfers through a combination of payment collection, foreign exchange and local payment distribution.
The company, which already has operations in Melbourne, Hong Kong, Singapore, London and Shanghai, will use the funds to encourage financial inclusion for SMEs in the Hong Kong market, where Airwallex will apply for a Virtual Banking licence to support the fintech ecosystem globally.