Payments platform Airwallex is reportedly in discussions to raise $200 million.
The Singapore-based company aims to close the funding round at the end of the year, targeting a $6 billion valuation, Bloomberg reported Wednesday (Oct. 30), citing unnamed sources.
“As a rapidly scaling company, we are always in dialogue with investors about our performance and growth plans,” Airwallex said in a statement, per the report.
Airwallex was valued at $5.5 billion two years ago after raising $100 million.
Founded in Australia in 2015, Airwallex’s services include bill payments for companies that employ workers worldwide, expense management, multi-currency debit cards and helping small businesses create local currency accounts around the globe, the report said.
In August, Airwallex reported that its yearly processing volume surpassed $100 billion, which marked a 73% jump year over year. In addition, the company — which reached cash flow positivity last year — also recorded growing volumes across all products, such as payments, foreign exchange (FX), payouts and issuing, with an annual run rate revenue in the area of $500 million.
“Crossing the $100 billion threshold and turning cash flow positive solidifies our confidence in the durability and scalability of our business model,” Airwallex co-founder and CEO Jack Zhang said at the time. “While demand is slowing in many corners of the tech economy, serving the payments and financial operations of global businesses remains a significant market opportunity. We’re proud of how far we’ve come in the past nine years, and we are more ambitious than ever in supporting millions of global businesses to grow beyond borders.”
That beyond-border growth has included expansion into Hong Kong, Japan, North America and Europe, with more than 1,600 staff in 23 offices around the world, Bloomberg reported.
The company has been making “a large amount of investment” into artificial intelligence in the past two years, Zhang said during a panel earlier this week at Hong Kong’s FinTech Week, per the report. He also noted that Airwallex is employing AI to onboard customers and carry out due diligence and customer support duties.
Also this week, Airwallex teamed with Viably on a solution that lets eCommerce firms simplify cross-border transactions and manage multiple currencies in a single account.
The Viably Global Account, powered by Airwallex, allows sellers to pay vendors and suppliers around the world, collect payouts from marketplaces and manage every financial aspect of their business.
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