Australian fintech startup raises $80 million in funding round

In what’s being called the second largest funding round in Australian history, Melbourne-based fintech startup Airwallex announced yesterday the completion of their Series B funding round that raised USD$80 million (AUD$108 million).Airwallex facilitates cross-border transactions for businesses. Founded in 2015 by Jack Zhang, Jacob Dai, and Lucy Yueting Liu, the fintech startup has already completed five funding rounds for a total funding amount of $102 million — the most recent funding round bringing in the bulk of that.

This round included Tencent Holdings, Horizons Ventures, Hillhouse Capital Group, Sequoia Capital China, Square Peg Capital, and Central Capital Ventura.

A report published in 2017 by Startup Muster found that 25.4 per cent of founders in Australia are female, a report published in 2014 by Crunchbase found that 15.5 per cent of US startups had at least one female founder.
In an interview with Australian publication SmartCompany, co-founder and COO Lucy Yueting Liu said the funding would be going toward new products, features and applications, as well as expanding licensing.

“When we first started, we wanted to build a solution that was compact, smart, and helped reduce the cost and improve efficiency of making payments,” she told SmartCompany. “Now it’s more than that. We’re looking to use a partnership model to try to really build an end-to-end solution [to] help these businesses, and a lot of sub-traders to expand globally.”

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