Singapore’s branch of the multinational fintech and Software-as-a-Service (SaaS) company, Airwallex, has secured a substantial $165 million capital boost from its Australian parent firm. This significant funding arrives over a year following its successful launch in the thriving city-state.
VentureCap Insights, a service that monitors regulatory filings, confirmed the transfer of funds. Since its inception in the prosperous city-state, Airwallex Singapore has demonstrated impressive revenue performance. The company’s revenue stood at a robust S$7.2 million (US$5.4 million) last year according to the VCI filings.
However, losses from operating activities have risen somewhat. The figures escalated to $5.9 million in 2022, a noticeable increase from $4.3 million the previous year.
Airwallex, which emerged from Australia in 2015, proclaimed its official introduction to the Singapore market in January 2022. This came after they had successfully secured a major payment institution license from the city-state’s central bank in 2021.
Since its debut, Airwallex Singapore has expanded its service offering extensively. The company provides numerous payment solutions such as global account issuance, domestic and cross-border money transfers, multicurrency wallets, and online payment acceptance.
With its roots in Australia, Airwallex boasts a vast international presence. In addition to its Singapore office, it also maintains offices in various parts of Asia, Europe, and North America. In Asia, the fintech unicorn extends its influence across Malaysia, Israel, Greater China, Hong Kong, India, and Japan.
This news is based on a techinasia.com article.
