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Fintech Airwallex raises $160M in Series D funding

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Mon, 20 Apr 2020, 00:37 am UTC

Fintech Airwallex has raised $160 million in Series D funding.

The round was led by ANZi ventures, the investment arm of ANZ Bank and Salesforce Ventures. Its existing investors DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures also participated. The company has already raised a total of $360 million, Ledger Insights reported.

Airwallex is planning to use the investment to support its expansion in the U.S. and Europe markets. Also, the fintech firm is planning to expand its product offerings and explore acquisition opportunities.

“The global shift to digital is imminent,” said Jack Zhang, CEO and Co-founder of Airwallex. ”We envision a world in the not-too-distant future where all businesses will operate and conduct their affairs online – including banking – with the help of modern tools.”

Airwallex is among RippleNet’s partners. It offers a new way to create foreign currency accounts globally, access to interbank exchange rates and allows users to send funds to over 130 countries worldwide.

Its foreign exchange service is available at competitive wholesale comparable rates. Meanwhile, for international payments, Airwallex move funds at high speed and low cost.

In March, Ripple announced its partnership with Thai fintech company DeeMoney. The collaboration uses RippleNet to process inbound payments into Thailand from prominent remittance countries including South Korea, Indonesia, Singapore, Israel, Middle East, and Gulf regions.

“Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, making it simple for our tech teams to integrate into our process. This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers,” said Aswin Phlaphongphanich, CEO of DeeMoney.

“We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”

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