Aussie fintech startup secures $US3 million investment funding

Airwallex to disrupt traditional foreign exchange market

Fintech startup, Airwallex has secured $US3 million in pre-Series A investment led by Shanghai-based venture capital firm, Gobi Partners.

The funds will be used towards strengthening Airwallex’s Melbourne and Chinese development teams as well as R&D in its international payments platform. In the next few months, it plans to add more features to the platform, including a multi-currency digital wallet and APIs for e-commerce platforms.

Gravity VC and angel investors Huashan Capital One and EasyLink Payments CEO, Billy Tam, also took part in the fundraising.

The Airwallex platform, which is currently in beta mode, is a peer-to-peer algorithmic engine that enables businesses to issue and pay invoices in their preferred currency at the mid-market foreign exchange rate.

Airwallex co-founder and CEO, Jack Zhang, said the growth in international e-commerce, travel and import/export trade meant there was huge market potential for their secure all-in-one solution.

Zhang previously worked for ANZ and NAB as a foreign exchange solution designer.

“Current cross-border payment processes are expensive, clunky and time consuming. It can take days for the money to reach its destination and the transfer and foreign exchange fees are excessive and often prohibitive to SMEs,” Zhang said.

“Airwalllex breaks down these barriers to empower businesses to build stronger global trading partnerships and truly tackle the world stage.”

Gobi Partners managing partner, Michael Zhu, said there was a real need for innovation in the traditional foreign exchange sector.

"With cross-border consumption booming in Asia, demand for foreign exchange is higher than ever,” he said.

“The Airwallex team has more than a decade of experience in the banking and foreign exchange sector across Australia, China and Hong Kong.

"They’ve built an impressive platform and I believe they have the potential to truly disrupt the current cross-border payment ecosystem."

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Venture capitalstartupsfintechAirwallex

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.
Julia Talevski
Show Comments

Father’s Day Gift Guide

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Tom Sellers

MSI P65

This smart laptop was enjoyable to use and great to work on – creating content was super simple.

Lolita Wang

MSI GT76

It really doesn’t get more “gaming laptop” than this.

Jack Jeffries

MSI GS75

As the Maserati or BMW of laptops, it would fit perfectly in the hands of a professional needing firepower under the hood, sophistication and class on the surface, and gaming prowess (sports mode if you will) in between.

Taylor Carr

MSI PS63

The MSI PS63 is an amazing laptop and I would definitely consider buying one in the future.

Christopher Low

Brother RJ-4230B

This small mobile printer is exactly what I need for invoicing and other jobs such as sending fellow tradesman details or step-by-step instructions that I can easily print off from my phone or the Web.

Aysha Strobbe

Microsoft Office 365/HP Spectre x360

Microsoft Office continues to make a student’s life that little bit easier by offering reliable, easy to use, time-saving functionality, while continuing to develop new features that further enhance what is already a formidable collection of applications

Featured Content

Product Launch Showcase

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?