RippleNet Powered Airwallex Raises $160M From ANZ, Salesforce In A Bid For Global Expansion
- Australian Fintech Airwallex member of RippleNet raise $160 million funding lead by banking titans ANZ and Salesforce ventures.
- The funds will go into expanding Airwallex global reach, especially in Europe and US markets.
Reports have surfaced that the Australian, RippleNet backed Fintech Airwallex has managed to raise over $160 million. The fundraising was led by Australian banking titans ANZ through their corporate investment wing, ANZI ventures and Salesforce Ventures located in San Francisco.
Notably, Airwallex launched in 2015 has already achieved a billion-dollar evaluation making it one of the three Tech Unicorns located in Australia. It was a brainchild of two café owners Jack Zhang and Max Li struggled to find an efficient way to pay coffee cup and label manufacturers in Hong Kong and China for their specialty franchise Tukk & Co in Melbourne.
Zhang highlighted how they had to rely on traditional systems such as banks and Western Union whose fees are off the charts for cross border money transfers. They then partnered up with a couple of friends from the University of Melbourne to actualize their idea and hence launching the startup. They would offer a platform that would allow small business owners to transact with manufacturers without having to incur exorbitant transactional fees.
Impressively their platform now offers a borderless card in a strategic partnership with Visa and Xero platform.
However, towards the end of last year, they were involved in a tussle with Hong Kong authorities that involved the freezing of $18 million remitted to accounts of their clients: Rong Tong Sihai Import and Export Trading Co and Zhong Liang Trading Co. The Hong Kong police ended up serving the Fintech with no consent letter, which according to a spokesperson from the Fintech were not uncommon.
Funds to go into growing their global presence
Airwallex top brass has indicated that the new cash influx will go towards an expansion campaign. They intend to increase their presence in European and American markets. They also have offices in Tokyo, Dubai and Bangalore all opened in the course of 2019.
ANZI ventures MD Ron Spector has reiterated their commitment towards working hand in hand with the Aussie Fintech to develop cutting edge payment systems.
“To support their vision of building a next-generation digital payments platform for SMBs and enterprises globally”
Ripple's Pushing RippleNet to New Limits
There has been a slew of new partnerships that Ripple has been posting about on its blog. And many more that aren't being shared with the public. Just in the last several weeks, we have learned more about how companies are utilizing RippleNet for their advantage.
This was just in the last 2 months:
- MoneyMatch uses RippleNet to Breakup the Malaysian Remittance Monopoly (here)
- Coinone Transfer Breaks Into the $33B South Korean Remittance Market (here)
- Bank of America Executive Praises Ripple’s Integration (here)
- Azimo and Thailand's Largest Bank To Use RippleNet For Instant Payments (here)
- Santander's One Pay FX Payment System to Mexico Utilizing RippleNet (here)
- Thailand's Oldest Bank Siam Commercial Bank (SCB) to Use RippleNet for Instant Remittances for Businesses (here)
- Thailand's Oldest Bank SCB to Use RippleNet for Remittances for Businesses (here)