Cross border payments firm Airwallex announced it has secured an additional US$100 million in a Series E1 financing round, raising its valuation to US$5.5 billion.

This extension comes just a month after Airwallex announced an oversubscribed US$200 Million Series E round as the company was looking to accelerate its global expansion plans.

This latest round takes Airwallex’s total Series E fundraising to US$300 million, with US$802 million raised in total.

Airwallex’s Series E1 funding round was again oversubscribed, on the back of strong underlying business performance and momentum in the third quarter.

Lone Pine Capital remained the lead for this financing, alongside other existing investors including 1835i Ventures, the venture capital partner to ANZ, and Sequoia Capital China.

According to Airwallex, this latest raise follows a strong third-quarter performance where it recorded a 165% YoY revenue increase with annualised revenue exceeding US$100 million.

The company also made more than 200 additional hires as Airwallex continues to strengthen its presence in its core markets globally.

In the last quarter, Airwallex continued to scale its business across APAC and EMEA, while also achieving early momentum in the U.S.

The company launched its virtual employee cards in Hong Kong and the UK, marked its entry into Southeast Asia with licenses in Singapore and Malaysia, and continued to onboard new global customers.

“Our record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses. As we approach our sixth anniversary, we want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world.

 

This new capital injection will allow us to do just that, fuelling M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders.”

said Jack Zhang, Co-founder and CEO of Airwallex.