Australia-based Airwallex is the tech startup to enter the billion-dollar ‘unicorn club.’ The company announced today that it has closed a $100 million Series C round that values its business above $1 billion.
Started in Melbourne in 2015 by four Chinese founders, Airwallex provides a service that lets companies manage cross-border revenue and financing in their business much like an alternative to consumer-focused service TransferWise.
Its customers can, for example, set up overseas bank accounts if they have paying customers overseas. When they want to move that revenue back to their HQ, they simply do so through the Airwallex system which uses inter-bank exchanges to trade forex at a mid-market rate. That’s something that can save its clients as much as 90 percent on their