The co-founders of fintech unicorn Airwallex, are launching an early-stage venture capital fund to invest invest in tech startups supporting the payments platform.
The fund, named Capital 49, plans to raise US$200 million (A$270m) through the Airwallex founders and other investors. Capital 49 has completed investments in two fintech firms.
The VC is planning to invest in companies that are part of the Airwallex ecosystem, ranging from e-commerce, to SaaS, digital and technology, business services and enablers, and fintech.
Airwallex CEO and co-founder Jack Zhang said the company, now valued at $3.5 billion, having raised $130 million in series D announced in March, “could not have achieved what it has today if not for the players within our ecosystem.”
“With this fund, we will continue to empower businesses to grow without borders by providing them access to capital, a global network and deep insights and expertise, while ensuring we continue to generate financial returns for our investors,” he said.
“As part of the fintech and startup ecosystem, we have consistently observed that a clear technological advantage is incredibly important for a business to stand out from the competition. That is why we are committed to invest in and foster the growth of tech-enabled companies, particularly at a time where there is huge appetite for innovative solutions to enhance business efficiencies.”
Founded in 2015 in Melbourne, Airwallex now has more than 800 employees across 12 global offices offering a range of financial products for companies, including business accounts and expense cards. The business recently launched an online payment solution in Hong Kong and Australia, as well as the launch of its Airwallex Borderless Cards for businesses in Hong Kong.