Cross border payments firm Airwallex announced it has raised US$200 million in an oversubscribed Series E financing round, increasing the company’s valuation to US$4 billion.

This latest investment which was led by Lone Pine Capital follows an extended Series D capital raise earlier this year in March. Airwallex has secured more than US$700 million in equity funds to date.

New investors G Squared and Vetamer Capital also joined the round, alongside existing investors including 1835i Ventures (formerly ANZi), DST Global, Salesforce Ventures and Sequoia Capital China.

The firm said in a statement that the new funding will allow it to scale its presence in North America, UK, Europe and other new markets including the Middle East, South America and Southeast Asia.

Additionally, the company looks to accelerate multiple product development initiatives across its five engineering hubs, grow its sales and commercial teams and increase its breadth of offerings for SMEs and larger enterprises operating in the digital economy.

Airwallex has nearly doubled its headcount in 2021 and employs almost 1,000 employees today in over 20 locations globally.

This year, Airwallex launched a series of new products, expanded its footprint to the U.S. last month, as well as securing an EMI license in the Netherlands and a Money Services Business license in Malaysia.

“We are excited to welcome Lone Pine Capital and our new Silicon Valley investors. Their wealth of experience, foresight and successful industry track records are a significant validation of our business and global growth strategy. From the start, our vision has been to build a global financial operating system that will allow modern businesses to operate without borders.”

said Jack Zhang, Co-Founder and CEO at Airwallex.