Australian company Airwallex has been confirmed to be a fintech unicorn after the Series C fundraising round. Led by DST Global, the successful round resulted in an additional $100 million to its funds, amounting to a value of over $1 billion.
According to the press release published by AP News, the fund is slated to be used for expanding Airwallex’s international reach. This includes its collection and payment products. The planned expansion will allow the company to reach the United States, United Kingdom, Europe and Southeast Asia.
The newly named fintech unicorn was founded in Melbourne, Australia in 2015. Airwallex is focused on strengthening online marketplaces, including online sellers and small to medium enterprises. Enabling the growth of these enterprises, the company provides end-to-end services, from making payments and money transfers. Some of its clients are big companies such as JD.com, Tencent and Ctrip, as well as massive financial companies such as MasterCard.
Tech Crunch emphasizes the cross-border service of Airwallex, as it allows companies to manage their finances even when the parties are on opposite sites of borders. This lets customers set up and manage bank accounts from overseas.
The growth of the company is deemed impressive by Tech Crunch as it was valued at $3 million seed towards the end of 2016. As of late, the company now has 8 offices all across the globe.
Meanwhile, Airwallec CEO Jack Zhang says that they chose DST Global as it supports their goal of international expansion, especially with the connections and opportunities DST offers. DST Global was also behind giant tech companies Facebook, AirBnB, Xiaomi and Spotify. It is also involved in Nubank and Robinhood, some of the emerging leaders in fintech.
Aside from Airwallex, Australia also has two other fintech unicorns namely Atlassian and Canva.