Airwallex

Global payments and financial platform for businesses offering multi-currency accounts, cross-border transfers, and card issuing with $1B+ annualized revenue. Raised $330M Series G at $8B valuation in 2025. $1B+ ARR. Dual HQ in San Francisco and Melbourne. Investing $1B+ in US expansion.

Airwallex crossed $1B ARR with 90% YoY growth and an $8B valuation—making it one of the fastest-growing cross-border payment infrastructure companies.

airwallex.com Cross-Border Payments

United Statesprivate

At a glance

Total raised

$1.3B

last round series g

Headcount

1k-5k

approximate · public range

Headquarters

San Francisco

United States

Founded

2015

11 years active

Status

Private

Cross-Border Payments

Latest valuation

$8B

Series G · 2025

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Funding history

Total raised

$1.3B

Rounds tracked

Latest stage

Series G

Latest valuation

$8B

Date	Stage	Amount	Valuation	Lead investors
Dec 1, 2025	Series G	$330M	$8B	Addition
May 22, 2025	Series F	$300M	$6.2B	Square Peg Capital
Sep 20, 2021	Series E	$200M	$4B	Lone Pine Capital
Mar 24, 2021	Series D	$100M	$2.6B	—
Apr 15, 2020	Series D	$160M	—	—
Mar 26, 2019	Series C	$100M	$1B	DST Global
Jul 3, 2018	Series B	$80M	—	—
Dec 1, 2017	Series A	$6M	—	Square Peg Capital
May 1, 2017	Series A	$13M	—	Tencent
Jul 1, 2016	Pre-Seed	$3M	—	Gobi Partners

Founder backgrounds

Jack Zhang

Co-Founder & CEO

A University of Melbourne graduate in commerce and accounting, Zhang began his career as a management consultant at PwC before moving into financial services at ANZ. While running a café in Melbourne, he experienced firsthand the high fees and friction of cross-border payments when paying overseas suppliers — the direct frustration that led him to co-found Airwallex in 2015. The company has since grown into a global payments platform processing tens of billions in transaction volume, achieving a $5.5B+ valuation. Zhang is known for his relentless operational focus, often emphasizing product-led growth and infrastructure reliability over flashy marketing.

Lucy Liu

Co-Founder & President

A qualified CPA, Liu began her career at Deloitte before moving to ANZ, where she worked in foreign exchange and international payments. That front-row view of how slow, expensive, and fragmented cross-border banking was for businesses became the founding insight behind Airwallex in 2015. She co-founded the company alongside Jack Zhang and others in Melbourne, and as President oversees operations, strategy, and partnerships. Liu brings a pragmatic, operations-first posture — she has described her job as making sure the company executes reliably at scale, not chasing hype. Airwallex now processes over $100B in annual transaction volume and surpassed $1B in annualized revenue.

Max Li

Co-Founder

A graduate of the University of Melbourne (Bachelor of Commerce), Max Li cut his teeth at PwC in transaction services and at ANZ in institutional banking before co-founding Airwallex in 2015. The venture was born from a prior cross-border coffee trading business he ran with fellow co-founder Jack Zhang, where the duo experienced firsthand the friction of expensive, slow international payments and multi-currency settlement. That operational pain point directly shaped Airwallex's core product—a modern payments infrastructure that has since scaled to over $1B in annualized revenue and a $5.6B valuation. Li serves as Head of Global Strategic Partnerships, overseeing the company's network of banking and platform alliances.

Xijing Dai

Co-Founder

Co-founded Airwallex alongside Jack Zhang, Lucy Liu, and Max Li. Previously worked in foreign exchange operations at ANZ Bank in Melbourne, where she witnessed the friction and cost of cross-border payments firsthand — problems the team later set out to solve with Airwallex's global payments infrastructure. She holds a background in accounting and finance, with early career experience at PwC in audit and assurance. As COO, she oversees operations, risk, and compliance functions.

AI bull / bear

Bull case

Airwallex has the kind of growth trajectory that makes investors ignore multiples: $1B+ ARR growing 90% year-over-year is exceptional at scale, and the $8B valuation implies roughly 8x revenue for a business still doubling. The Series G round led by Addition, a firm with a sterling track record, signals institutional conviction that the growth runway remains long. The company is now taking the fight directly to Stripe with a multi-country point-of-sale product, breaking out of its online cross-border niche into the much larger physical payments market. With $1.3B raised and a declared $1B+ US expansion budget, Airwallex has the balance sheet to buy market share in the world's largest payments economy. Its multi-currency infrastructure moat—purpose-built for businesses that operate across borders—is genuinely hard to replicate. If the POS launch gains traction and US penetration accelerates, the revenue base could triple before the next funding round.

Bear case

Airwallex is charging into a fight it may not win. Stripe has a decade-long brand advantage, a developer ecosystem that borders on religious loyalty, and an existing Terminal product already embedded in physical retail. The launch of a competing POS product puts Airwallex on a collision course with a competitor that processes nearly $1 trillion annually and can outspend it on product and distribution. The planned $1B+ US investment will torch cash at a time when private fintech valuations face scrutiny; if growth decelerates from 90% as comps harden, the $8B valuation looks stretched relative to a payment processor's margin profile. Cross-border payments carries persistent regulatory risk across dozens of jurisdictions, and political friction—tariffs, sanctions, capital controls—can compress volumes overnight. Stripe and Airwallex were once in different lanes. Now they are not, and in a heads-up race, scale typically wins.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

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Leadership

Jack Zhang

Co-Founder & CEO

in 𝕏

Lucy Liu

Co-Founder & President

—

Max Li

Co-Founder

—

Xijing Dai

Co-Founder

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Products

Global Business Account
A multi-currency business account that enables companies to hold, manage, and transact in over 60 currencies. Users can set up local bank details in 12+ countries including the US, UK, Australia, EU, and Singapore, receive payments like a local, and convert currencies at competitive exchange rates. Designed for growing businesses that operate internationally, the account consolidates global financial operations into a single platform.
Cross-Border Payment Acceptance
A payment acceptance solution that lets businesses collect payments from customers in 160+ local payment methods across 200+ countries and territories. It supports credit/debit cards, digital wallets, and local schemes with like-for-like settlement in multiple currencies. The product is built for ecommerce brands, SaaS companies, and marketplaces seeking to boost conversion rates by offering locally preferred payment options without building separate integrations.
Card Issuing (API)
A programmable card issuing solution that enables businesses to create, manage, and distribute multi-currency virtual and physical Visa cards at scale via API. Users can issue single-use or multi-use cards for supplier payments, employee expenses, or platform payouts across 60+ markets with Apple Pay and Google Pay support. Designed for platforms, marketplaces, and enterprises that need to automate spend management while maintaining real-time control and visibility over transactions.
Embedded Finance Platform
A comprehensive suite of APIs and low-code tools that allows platforms and marketplaces to embed financial services directly into their own products. Capabilities include multi-currency wallets, local bank account details, payment acceptance, high-speed payouts, and card issuing — all under the platform's own brand. The solution handles KYC/compliance onboarding and is built for tech-forward companies that want to monetize financial services and deepen customer engagement without becoming a regulated financial institution.
Spend Management & Expense Control
A spend management solution that combines corporate cards, expense tracking, and approval workflows in a single dashboard. Teams can issue physical and virtual cards with custom spending limits, automate receipt collection, and reconcile expenses in real time. Purpose-built for finance teams at international businesses, the product reduces manual reconciliation overhead and provides granular control over company-wide spending across departments and geographies.

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