We are discussing Airwallex Startup Courts Middle Eastern Wealth Funds After Getting Backed By Tencent:
Airwallex is already in talks with several fintech companies. The startup acquired an online payment business license in China last year and is still growing ties between the Middle East and Beijing to grow business in the region. According to regulatory filings, The Singapore unit of Tecent-based fintech company Airwallex received $165 million last year from the Cayman Islands-based parent company. Here we are talking about Airwallex Startup Courts Middle Eastern Wealth Funds After Getting Backed By Tencent.
Airwallex was founded by Chinese entrepreneurs Jack Zhang, Max Li, Lucy Liu, and Jacob Dai in 2015. This company offers global payment platforms that help businesses manage expenses internationally, payments, and history. The company has grown significantly in the past few years
and has headquarters in Hong Kong alongside Singapore, Malaysia, the UK, the US, and the European Union. Last year, the company reached a valuation of $5.5 billion after raising an additional $200 million in its series E round.
Previously, the company had investors, including Salesforce Ventures, Sequoia Capital China, and Tencent. Airwallex is already making deals with Middle Eastern sovereign wealth funds to raise funds to expand its payment platform and join its global peers in expanding into the region. The startup has held discussions with ADIA (Abu Dhabi Investment Authority), Saudi Arabia’s Public Investment Fund, and many more firms. The chief executive of Airwallex mentioned that they will be using the funds to expand the startup and grow AI-driven product innovations.
Airwallex was founded in 2015 in Australia to provide services, including end-to-end customer payment solutions. The company was backed by technology and was valued at $5.6 billion. They plan to enter UAE and Saudi Arabia in the first phase of their Middle Eastern expansion. The startup was able to secure its license in UAE in just 6 to 12-month intervals, and approval in Saudi Arabia is expected to take up to 18 months. The company got its license in China last year and is the second-only foreign payment company regulated in China after PayPal, according to Zhang.
FAQ’s
What is Airwallex?
Airwallex is a global financial technology company that offers cross-border payment solutions, multi-currency wallets, and other financial services to businesses and individuals.
Who is Tencent?
Tencent is a leading Chinese technology conglomerate known for its diverse portfolio of internet-based services, including social media, gaming, e-commerce, and fintech.
Why is Airwallex targeting Middle Eastern wealth funds?
Middle Eastern wealth funds are known for their substantial financial resources and strategic investment approach. By courting these funds, Airwallex aims to secure additional funding for its expansion efforts in the Middle East and beyond.
How will Airwallex’s partnership with Tencent benefit its expansion plans?
Tencent’s investment provides Airwallex with financial support and strategic opportunities in the Chinese market, which can accelerate its global expansion efforts and strengthen its position in the fintech industry.
What are the implications of Airwallex’s expansion into the Middle East?
Airwallex’s expansion into the Middle East reflects the region’s growing importance as a hub for fintech innovation and digital payments. This move can drive economic growth, enhance financial inclusion, and foster collaboration between global and regional players in the fintech space.
Conclusion
Airwallex is a fintech startup targeting to grow in the Middle East market, starting in Saudi Arabia. They aim to grow their worldwide payment services and build connections between the Middle East and Beijing. With big investments from Tencent, Airwallex is talking with Middle Eastern wealth funds to grow its payment system even more. This money will help them expand and create new AI-powered products.
Despite some rules they have to follow, the company is still moving forward with plans to expand into the Middle East, aiming to offer complete payment solutions in the UAE and Saudi Arabia. With their recent achievements and smart partnerships, Airwallex is all set for more growth and innovation in fintech. This startup company was backed by Tencent and valued at $5.6 billion. They plan to enter UAE and Saudi Arabia in the first phase of their Middle Eastern expansion.
