Cross border payments firm Airwallex announced that it recently closed its Series E2 financing round with the same US$5.5 billion valuation, bringing its total funds raised to more than US$900 million.

The fintech had managed to extend its Series E announced in November last year by securing more funds from existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent.

HostPlus, an Australian industry superannuation fund, and an unnamed North American pension fund, also participated in this round.

Airwallex said that it has multiple new products and services in its pipeline for the next year including improvements to its expense management platform and a credit solution.

The company added that it will continue to invest in product innovation on top of market expansion and talent acquisition.

Airwallex reported that its customer base has more than doubled with its revenue increasing by 184% YOY for Q2 2022.

“The valuation underscores investors’ confidence in Airwallex’s core business value and fundamentals, and we are fortunate to have the continued support of our existing investors, and the confidence of new investors, as we pursue our vision to become the global economic infrastructure for modern businesses.

 

The market environment remains challenging in the foreseeable future, and while we remain well capitalised, this additional runway allows us to continue our growth plans, product expansion, and hire some of the best talents in the world.”

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