Super funds back $9.6bn homegrown platform

Australian superannuation funds Hostplus and NGS Super, among other major investors, have contributed to a US$300 million ($466 million) capital raise for a Melbourne-found global financial platform.

The two super funds were some of the lead investors in a Series F funding round run by Airwallex.

Airwallex, valued at US$6.2 billion ($9.6bn), is on track to hit US$1 billion ($1.6bn) in annualised revenue in 2025; APAC growth continues to power ahead with revenue up 109% year-on-year.

Airwallex chief executive and co-founder Jack Zhang said the investment marks a significant step in establishing an innovative platform that offers a "new foundation" for the global economy.

"The global financial system wasn't built for today's borderless economy. Too many businesses are held back by legacy infrastructure that's slow, costly, and fragmented," Zhang said.

"At Airwallex, we're building a new foundation for the global economy - one that's fast, seamless, and built for scale.

"This investment marks a major milestone in our journey to redefine global finance, and to empower businesses everywhere to grow without limits."

Airwallex has achieved immense growth in recent years. As at March 2024, the platform has US$720 million ($1.1bn) in annualised revenue, a surge of 90% year-on-year, and exceeded US$130 billion ($202bn) in global annualised payments volume, it noted.

In APAC, the launch of Airwallex Yield in Australia and Hong Kong as well as the expansion of various startup programs across Australia, Singapore and New Zealand, were key drivers of growth in the region, which saw revenue increase by 109% year-on-year.

It has presence in New York and Toronto and recently relocated its headquarters to San Francisco.

Airwallex will use the funding to continue expanding its financial infrastructure into new markets like Japan, Korea, the UAE, and Latin America, and to accelerate go-to-market efforts in Europe, North America, and Southeast Asia, the platform said.

Other Series F investors include Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures and Visa Ventures.