Airwallex Airwallex is already in talks with several fintech companies. The startup acquired an online payment  business license in China last year and is still growing ties between the Middle East and Beijing to  grow business in the region. According to regulatory filings, The Singapore unit of Tecent-based  fintech company Airwallex received $165 million from the Cayman Islands-based parent company  last year. 

Airwallex was founded by Chinese entrepreneur Jack Zhang, along with Max Li, Lucy Liu, and Jacob  Dai in 2015. This company offers global payment platforms that help businesses manage expenses  internationally, payments, and history. The company has already grown a lot in the past few years  

and has headquarters in Hong Kong alongside Singapore, Malaysia, the UK, the US, and the European  Union. Last year, the company reached a valuation of $5.5 billion after raising an additional $200  million in its series E round. 

Image source: Airwallex (official site)

Image source: Wikipedia (Tecent logo) 

The company previously had investors including Salesforce Ventures, Sequoia Capital China, Tecent,  and more. Airwallex is already making deals with Middle Eastern sovereign wealth funds to raise  funds to increase their payment platform and join with global peers in expanding into the region. The  startup has held discussions with ADIA (Abu Dhabi Investment Authority), Saudi Arabia’s Public  Investment Fund, and many more firms. The Chief executive of Airwallex mentioned that they will be  using the funds to expand the startup and to grow AI-driven product innovations.  

Airwallex was founded in 2015, in Australia to provide services including end-to-end payment  solutions for customers. The company was backed by tecent and got valued at $5.6 billion. They are  planning to enter UAE and Saudi Arabia in the first phase of their Middle Eastern expansion. The  startup was able to secure its license in UAE just in 6 to 12-month intervals, approval in Saudi Arabia  is expected to take up to 18 months. The company got its license in China last year and is the second only foreign payment company regulated in China after PayPal, according to Zhang. 

Conclusion: 

Airwallex is a fintech startup targeting to grow in the Middle East market starting from Saudi Arabia.  They aim to grow their worldwide payment services and build connections between the Middle East  and Beijing. With big investments, including from Tencent, Airwallex is talking with Middle Eastern  wealth funds to grow its payment system even more. This money will help them expand and create  new AI-powered products. Despite some rules they have to follow, the company is still moving  forward with plans to expand into the Middle East, aiming to offer complete payment solutions in  the UAE and Saudi Arabia. With their recent achievements and smart partnerships, Airwallex is all set  for more growth and innovation in fintech. This startup company was backed by tecent and got  valued at $5.6 billion. They are planning to enter UAE and Saudi Arabia in the first phase of their  Middle Eastern expansion.