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Valuation will apparently stay flat at $5.5bn.
Image source: Jed Rose/Airwallex.
Payments giant Visa is said to be in talks with SME banking provider Airwallex, to join the second extension of its Series E funding round.
Airwallex first raised $200m in September 2021 at a $4bn valuation, then topped it up with an extra $100m in November 2021 at a $5.5bn price tag with help from Lone Pine Capital.
Now Bloomberg reports that Airwallex is extending its Series E again, by between $100m and $150m, but this time maintaining its valuation at $5.5bn.
The report cautioned that discussions with Visa are still ongoing and an agreement has yet to be reached.
An Airwallex spokesperson declined to comment, while Visa has yet to respond to AltFi’s request for comment.
Airwallex offers a virtual multi-currency business account with many of the same features as Tide of Starling Bank, such as invoicing, expense cards and international payment.
In the third quarter of 2021, Airwallex said it saw a 165 per cent year-on-year increase in revenue, and is now operating at an annualised revenue rate of over $100m.
Jed Rose, the general manager for Airwallex in EMEA, told AltFi last year that as a result of its two funding rounds last year the company would now at least double its headcount in Europe in 2022 to over 150 with ambitious expansion plans.
“We’ve grown from just London to where we now have a presence in London, Amsterdam, Vilnius, Lithuania, and we’re going to start hiring in the UAE, in Dubai,” he said.
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