Asian investors have backed a US$13 million capital raising for a Melbourne-based payments company, Airwallex.
The recent announcement of the series A capital raise from Chinese investors for Melbourne-based Airwallex shows the strength of relations between Asia and Australia within the wider fintech ecosystem, according to Fintech Australia.
Fintech Australia chief executive, Danielle Szetho said the funding round conducted by Chinese internet firm Tencent Holdings, Mastercard, and venture capital (VC) firm Sequoia Fund China, showcased the connection between the fintech enviornments.
“International investors, particularly those from China, have a lot to gain from taking a close look at the Australian fintech environment and what it has to offer. In addition, we think Chinese consumers and businesses will increasingly get to know the major benefits of Australian fintech products,” she said.
“We’re also excited to see that Chinese fintech firms are beginning to establish bases in Australia, given…the long-standing cultural links between the two countries.”
The funding of Airwallex follows a success of Asia-Australia funding partnerships in the last six months of the 2016-2017 financial year including the launch of the Stone & Chalk incubator program, and the opening of Sydney-based innovation hub Haymarket HQ to link Australian entrepreneurs with Asian investors.