Airwallex has successfully raised $320 million in a Series H funding round, increasing its valuation by 38% to $11 billion in just six months. This funding was led by Addition, with participation from notable investors such as Baillie Gifford and T. Rowe Price.
The company reported a remarkable 74% increase in annualized revenue to $1.3 billion as of March, alongside a doubling of annualized transaction volume. A significant portion of its revenue, over 90%, comes from customers utilizing multiple Airwallex products. The funds will be directed towards enhancing product development in areas like autonomous finance and expanding into new markets.
Airwallex has introduced two AI-focused products: T:0, an AI-native platform for automating corporate finance tasks, and Airi, a consumer wallet designed for advanced payment functionalities. The company has secured over 85 licenses globally, positioning itself to capitalize on the emerging agentic economy.
CEO Jack Zhang indicated that the new capital might allow for a delay in a public listing due to the volatility in margins stemming from AI investments. Despite facing scrutiny regarding its ties to China, Airwallex has defended its data security practices, asserting that American customer data is stored domestically and inaccessible to overseas staff