Chinese technology investment giant Tencent Holdings Ltd. has led a US$13 million series A round in Airwallex, an Australia-based cross-border payment start-up.
A number of investors, including Mastercard Inc. and Sequoia Capital China, also participated in the round. It is the first investment in an Australian start-up for Tencent and Sequoia Capital China.
Airwallex has also formed a partnership with Tencent to lower the cost of WeChat Pay's international payment services.
"Foreign exchange transactions pose a real challenge for businesses that operate across borders, and Airwallex’s solution has seriously impressed us in its ability to close the gap and allow companies to financially access markets that may have previously been out of reach,” said Steven Ji, a partner at Sequoia Capital China.
Founded in 2015, Airwalle...
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