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Airwallex said Wednesday it has raised $300 million in fresh capital, boosting its valuation to $6.2 billion, an 11% rise from its last funding milestone in 2022.
The Australian-founded payments firm, now based in Singapore, is one of the few fintech startups to secure an upsized valuation amid a sluggish private markets environment. Flat and down rounds made up more than a quarter of private deals in the first quarter of 2025, according to PitchBook, as high rates and political turbulence kept investors on edge.
Founded in 2015 in Melbourne, Airwallex has steadily expanded its global footprint. It opened a U.S. headquarters in San Francisco last year, joining a growing list of payment firms trying to grab market share from traditional banking heavyweights including JPMorgan Chase, Bank of America, and Citigroup.
The latest round was backed by existing investors including Square Peg, DST Global, Lone Pine Capital, and Blackbird. With this round, Airwallex has now raised over $1.2 billion to date.
CEO Jack Zhang told Reuters the company is betting heavily on Japan, South Korea, and Latin America as growth markets. “A few years ago, most of our revenue came from cross-border infrastructure,” Zhang said. “Now, payment processing and spend management account for more than 70%.”
Airwallex’s platform allows businesses to send and receive international payments, manage expenses, and streamline back-office operations. Its client list includes fast fashion giant Shein, Australian airline Qantas, and accounting software maker Xero.
Meanhwile, Airwallex is preparing to seek banking licenses in the UK and US, with plans to expand into lending services and challenge global banks.
CEO Jack Zhang confirmed that the company intends to apply for a UK banking license, citing the UK’s fintech-friendly environment and the Financial Conduct Authority (FCA) as a top regulator.
Zhang also acknowledged the complexity of obtaining a banking license in the US, where numerous regulators exist. As a result, the company may pursue regulatory approval by acquiring a US bank.
Airwallex has so far operated under payment licenses, which limited its ability to offer large-scale credit. However, it is now moving into lending, trialing a credit card in Australia.
