The Australian startup has bucked an overall down market for payments companies because it has features ideal for financial volatility. This is why Tencent, ANZ and Salesforce are investing.
The news is full of stories about volatility in the financial markets, but a crisis is an opportunity for some. Payment technology provider Airwallex bumped its series E round up to $400m last week with an offering seemingly designed for fluctuating currency markets.
Payment technology experienced a big surge in popularity during the coronavirus pandemic as substantial parts of the economy moved online and businesses looked to digitalise their existing systems, but that growth has slowed significantly since then along with other sectors, such as on-demand groceries and virtual events.
Airwallex however has moved against that flow, adding $100m to its latest round at a steady $5.5bn valuation. It is the largest round for any Australia-based company so far this year, and includes internet group Tencent, banking group ANZ’s 1835i Ventures affiliate and enterprise…
