Airwallex adds $130 million to series D for $3.4 billion valuation

Melbourne fintech Airwallex has topped up its Series D round by 50%, raising an extra US$100 million (A$130m) for a total of US$300m.

The raise gives the privately owned business a new valuation of US$2.6 billion. The company is hoping to generate $100 million in revenue this year.

Airwallex says the funds will be used to further accelerate the company’s global expansion, explore new partnerships and continue with product and engineering innovation.

Extending the Series D saw new investors sign on, led by US-based Greenoaks Capital alongside Grok Ventures, the private investment vehicle of Mike and Annie Cannon-Brookes. The Atlassian’s co-founder’s sidekick, Scott Farquhar, invested once more through Skip Capital, the fund run by his wife Kim Jackson, with ANZI Ventures also returning.

The Series D has now taken 12 months with the initial raise made early in the pandemic in April 2020 before the round was extended in September last year. The foreign exchange platform has now raised close to US$500 million in total and is reportedly contemplating another raise before the year is out.

The company says it has recently “refreshed” its values, accelerated its hiring and talent retention strategies. The business now has more than 600 employees across 12 global offices, and says it is still looking to fill over 500 open roles.

Greenoaks Capital partner Patrick Backhouse said they believed Airwallex is building a powerful global payments business.

“From its origins in Australia, Airwallex chose to build global products from day one, and has developed a deep understanding of emerging payment technologies,” he said.