NEW YORK: Airwallex has raised $320 million in a new funding round that values the global payments company at $11 billion — a 38% jump from its valuation just six months ago — as the fintech firm accelerates its push into artificial intelligence-powered financial software.
The Series H round was led by New York-based venture capital firm Addition and included investments from Baillie Gifford, Hummingbird, QED Investors, T. Rowe Price, Washington University in St. Louis and Amex Ventures.
The San Francisco- and Singapore-headquartered company said its annualized revenue surged 74% year over year to $1.3 billion as of March, while annualized transaction volume more than doubled over the same period. More than 90% of revenue came from customers using multiple Airwallex products.
Airwallex plans to use the new capital to accelerate product development in autonomous finance and agentic commerce, expand into new regulated markets, and grow its AI-focused engineering teams.
Alongside the funding announcement, the company unveiled two AI products. The first, called T:0, is a platform designed to automate corporate finance functions including bookkeeping, tax, compliance and reporting. It is currently in private beta. The second, called Airi, is an agentic consumer wallet the company said will support delegated agent payments, spending limits, permission controls and multi-currency balances.
“The licenses, local network integrations, and settlement rails we spent ten years constructing are precisely the kind of infrastructure it needs,” co-founder and CEO Jack Zhang said in a statement. “This new capital lets us move faster into Airwallex’s next chapter.”
Zhang told the Australian Financial Review that the new financing could allow the company to delay a public listing, citing volatility in its margins driven by AI investment.
Airwallex was last valued at $8 billion after raising $330 million in December, a round also led by Addition. The company serves clients including McLaren, Qantas, Canva and Shein, and holds more than 85 regulatory licenses across North America, Europe, the Middle East and Asia-Pacific.
Founded in Australia in 2015, Airwallex has 27 offices globally, including in Shanghai, Beijing and Shenzhen. Its backers include Chinese investors Tencent and HongShan Capital, formerly known as Sequoia China, alongside Australian venture capital firms.
The company has faced scrutiny over its ties to China. In December, prominent Silicon Valley investor Keith Rabois — a board member of rival U.S. fintech Ramp — accused Airwallex of being a “Chinese backdoor into sensitive American data.” The company has denied the allegations. Zhang called them “wild and totally unfounded conspiracy theories” and said American customers’ data is stored in the U.S. and inaccessible to staff in China or Hong Kong.
