PLATFORM FOR GROWTH
Payments group hails funding round as it looks to build presence in UK
The UK market is in Airwallex’s sights as it expands. James Butland, VP of global banking and head of Airwallex’s London operations
INTERNATIONAL PAYMENTS company Airwallex has successfully completed its Series B fundraising and plans to strengthen its foothold in the UK.
The business secured $80m in outside investment from the Series B round. In total, Airwallex has raised $102m and the firm plans to support growth in the UK and across Europe.
James Butland, VP of global banking and head of the fintech’s London operations, said: “The UK market is in Airwallex’s sights as it expands. Although headquartered in London, Airwallex’s technology has no geographical barriers and can be used globally to benefit businesses.
“Businesses are increasingly looking to do business internationally, and specifically with China, and in the UK we have seen that across the country, increasingly in regional hubs.”
Built to bolster foreign exchange (FX) payments around the world, the Airwallex platform is powered by a FX and payment engine. The company says it uses a transparent pricing model to avoid inflated margins and minimise market risk.
It added the platform is able to support thousands of transactions per second.
“Airwallex wants to support UK and European businesses with cutting edge financial products,” Mr Butland said.
He added: “In providing these solutions, we’re creating a better, more cost-effective one-stopshop solution. Our end game is to provide the global network required for businesses to scale globally and to take advantage of the digital and online opportunities that exist when you’re transacting in multiple markets.”
The new funding will allow Airwallex to accelerate the production of its smart payment technology.