Tencent, Sequoia China lead $80 million funding into fintech startup Airwallex
Airwallex handles cross-border transactions for companies that do business in multiple countries using international currencies.
Airwallex, a three-year-old fintech startup focused on international payments for SMEs and businesses, is putting itself on the map after it raised a USD 80 million Series B round.
The round was led by existing investors Tencent, the USD 500 billion Chinese internet giant, and Sequoia China. Other participants included China’s Hillhouse and Horizons Ventures, the fund from Hong Kong’s richest man Li Ka-Shing. The financing takes Airwallex to USD 102 million raised.
Airwallex handles cross-border transactions for companies that do business in multiple countries using international currencies. Mastercard uses Airwallex to handle its “Send” product, while Tencent uses the service to power an overseas remittance service for its WeChat app.
The service uses wholesale FX rates to route overseas payments back to a client’s domestic bank and is capable of processing “thousands of transactions per second,” according to the company.
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