Airwallex has successfully raised $320 million in a Series H funding round, propelling the company’s valuation to $11 billion—a notable increase of 38% in just six months. This latest investment was led by New York-based venture capital firm Addition, with notable participation from funds such as Baillie Gifford, Hummingbird, QED Investors, T. Rowe Price, Washington University in St. Louis, and Amex Ventures.
The fintech firm reported substantial growth in its financial metrics, with annualized revenue surging by 74% year-over-year, reaching $1.3 billion as of March. The company also noted that its annualized transaction volume has more than doubled compared to the previous year. Impressively, over 90% of Airwallex’s revenue is derived from customers utilizing multiple products offered by the company.
With the fresh capital, Airwallex intends to accelerate the development of its autonomous finance and agentic commerce products, expand its regulatory footprint into additional markets, and grow the teams responsible for building AI-native financial software. The company provides multi-currency payment services to notable global businesses including McLaren, Qantas, Canva, and Shein.
In conjunction with the funding announcement, Airwallex unveiled two new AI-driven products. The first, T:0, is an AI-native platform aimed at streamlining corporate finance tasks, such as bookkeeping, tax compliance, and reporting. This product is currently in private beta, with plans for broader availability in the near future.
The second product, named Airi, serves as an agentic consumer wallet that is expected to support features like delegated agent payments, spending limits, permission controls, and multi-currency balances in the future. Airwallex has also secured over 85 licenses across North America, Europe, the Middle East, and Asia-Pacific, enhancing its capability to support the emerging agentic economy. Co-founder and CEO Jack Zhang emphasized that the extensive network of licenses, local integrations, and settlement rails is foundational for the company’s next phase.
Additionally, Zhang indicated in a recent interview that the new round of financing could provide the flexibility to postpone an initial public offering (IPO), given the volatility in margins resulting from substantial investment in AI development.
Founded in 2015 in Australia, Airwallex has faced scrutiny regarding its ties to China. The company’s headquarters are in San Francisco and Singapore, with 27 global offices, including locations in Shanghai, Beijing, and Shenzhen. While the firm is backed by Australian venture capital and Chinese investors, including Tencent and HongShan Capital, concerns have been raised regarding data security. Notably, prominent Silicon Valley investor Keith Rabois has accused Airwallex of being a “Chinese backdoor into sensitive American data.” Airwallex has strongly refuted these claims, with Zhang labeling them as unfounded conspiracy theories and assuring that American customers’ data is stored securely within the U.S. and is inaccessible to personnel in China or Hong Kong.
