Visa plans to invest in FinTech Airwallex

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Visa is in talks to contribute to a funding round for fintech startup Airwallex, according to people familiar with the matter.

Sources told Bloomberg that Airwallex’s goal is to raise $100-150 million in an extension of its Series E round, per a report Wednesday (July 20).

Airwallex provides end-to-end cross-border payment and collection solutions for its customers. The FinTech, which has raised around $800 million so far, is also reportedly considering an initial public offering (IPO) which could come as early as 2024.

Discussions with Visa are still ongoing and no deal was reported at press time. A Visa spokesperson told PYMNTS the company is not a current investor in Airwallex, but did not comment further.

Bloomberg noted that the company already raised $100 million in a previous round in November, from investors including Lone Pine Capital and Sequoia Capital China. At that time, its total fundraising was around $300 million and its total value at the time was $5.5 billion.

The expansion round is supposed to value Airwallex at the same level, but no final decision has been made yet and details may change in the future. Airwallex did not respond to a request for comment at press time.

PYMNTS reported last month that Airwallex has also recently rolled out global payment options for New Zealand, offering businesses international collections, multi-currency wallets and local payments for over 30 currencies.

See also: Airwallex launches global payment services in New Zealand

The rollout also aims to provide businesses with a better, cheaper and faster alternative to traditional financial institution programs, the company said.

Airwallex said businesses will soon have access to the full Airwallex suite as it rolls out, including corporate and employee cards in multiple currencies, expense management and online payment capabilities.

“Our entry into the New Zealand market is something our customers have been asking for for some time; businesses tell us they have been deterred from reaching their full potential in this market due to the complexity of international payments or cross-border trade,” said Sam Kothari, head of growth at Airwallex ANZ, at the time. “By providing local businesses with a unique global financial platform, we aim to empower them to scale successfully, which is especially critical in today’s economic environment.”

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