Tencent-backed Airwallex's Singapore unit gets fresh $165m (2024)
Airwallex offers a global fintech payment platform that helps businesses manage payments, treasuryand expenses internationally. (Source photo by Getty and logo from Airwallex's website)
CEBU, Philippines -- The Singapore unit of Tencent-backed fintech company Airwallex has received another 220 million Singapore dollar ($165 million) capital injection from its Cayman Islands-based parent company, according to regulatory filings.
The latest infusion brings the total shares held by Airwallex (Cayman Ltd.) in its Singapore unit to about 263 million, show filings with Singapore's Accounting and Corporate Regulatory Authority (ACRA). This comes less than five months after the Cayman Islands-based parent injected $6 million into Airwallex Singapore, which officially launched its services in the city-state last year.
It offers financial services tailored for businesses of all sizes, including virtual business accounts, cross-border payment solutions, payment cards, and business APIs. It has grown to over 1,200 employees in 19 international offices and is supported by Tencent, a Chinese technology giant.
Founded in Melbourne in 2015 by Chinese entrepreneur Jack Zhang, along with co-founders Lucy Liu, Jacob Dai, and Max Li, Airwallex offers a global fintech payment platform that helps businesses manage payments, treasury and expenses internationally.
Airwallex Pty Ltd provides financial technology services. The Company offers digital payment solutions for personal and business purposes to accept payments, move money, and simplify financial operations.
Airwallex is recognised as one of CNBC-Statista's World's Top Fintech Companies 2023 and was awarded FinTech of the Year by Asia FinTech Awards in 2022.
Airwallex Pty Ltd is licensed by the Australian Securities and Investments Commission (ASIC) with Australian Financial Services Licence (AFSL) number 487221.
To ensure customer funds are safe: Airwallex AU arranges for the entire amount of its customer funds to be guaranteed by Australian authorised deposit-taking institutions (ADIs) in accordance with the Reserve Bank of Australia's requirements.
Your customers can collect, store, and move money internationally using Airwallex's powerful Global Treasury infrastructure. According to the Forrester report, after the investment in Airwallex's Global Treasury solution, clients improved customer satisfaction, customer retention, and revenue growth.
Airwallex, the fintech unicorn backed by Tencent Holdings and tycoon Li Ka-shing's Horizons Ventures, has secured a licence to offer online payment services in mainland China through an acquisition.
Fast forward nearly a decade, and Airwallex is now an Australian unicorn making life easier for thousands of other businesses by streamlining their accounts payable, spend management, FX, and global money transfers, to name just a few.
Internationally focused payment processors like Airwallex enable merchants to accept payments from all over the world, including payments using less popular currencies and in countries that are not well connected in terms of financial infrastructure.
With an Airwallex Global Account, companies can collect, hold and send money in multiple currencies, which allows them to hedge against FX risk and avoid unnecessary conversion costs. Collect payment from your international customers directly into your account and exchange them when the FX rate is most favourable.
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