Airwallex raises $500m Series G, establishes San Francisco as dual HQ
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The news: Embattled fintech Airwallex has announced a USD330 million ($497 million) Series G at a valuation of USD8 billion.
The context: The round was led by US VC firm Addition, with participation from T Rowe Price Associates, Activant, Lingotto, Robinhood Ventures and TIAA Ventures.
Airwallex — which is facing a barrage of scrutiny over its data and compliance systems, connections to China, and workplace culture — also confirmed it is establishing a dual global headquarters, with San Francisco joining Singapore as a primary base for product, engineering and commercial operations.
The company said it will deploy more than USD1 billion between 2026 and 2029 to scale its US operations, attract talent and expand its physical and brand footprint.
Founded in Melbourne in 2015, Airwallex currently has a global workforce of over 2,000 people and plans to expand its team by more than 50% by the end of 2026.
What they said: "We believe the future of global banking will be borderless, real-time, and intelligent," said Jack Zhang, co-founder and CEO of Airwallex.
“Legacy providers are fundamentally incompatible with how modern businesses operate, and our investors understand that we're pulling ahead in the race to define this category.
"We’re building a modern alternative, a single platform that powers global banking, payments, billing, treasury, and spend on top of proprietary financial infrastructure.
"This capital will accelerate our growth, extend our technical leadership, and strengthen our position in the US and across key markets worldwide."
The source: Airwallex media release
