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When we first invested in Jack Zhang, Lucy Liu, and the founding team behind Airwallex in 2017, their promise was bold: to become the financial backbone for every global-first company.
Eight years later and Airwallex enables over 150,000 companies to build and sell globally. They are the default provider for global-first companies and continue to deliver on their category‑defining vision.
It’s why we’re proud to lead Airwallex’s US$300m Series F round, our seventh investment in the company.
A huge foundation – massive, underserved opportunity
Cross‑border commerce is exploding. Global, digital‑first SMEs are the fastest‑growing cohort in commerce, yet their treasury, FX, payments and card‑issuing needs remain fragmented and expensive.
McKinsey estimates cross‑border payments will exceed US$3.1 trillion of industry revenue by 2028. Airwallex’s last‑twelve‑months gross profit is a very small part of that TAM – underscoring the scale of the problem to be solved.
This is a market where licences, local bank connections and scheme memberships are slow, capital‑intensive, and country‑specific. A market where few companies have the ability to serve 50+ geographies, and even fewer do so with modern developer tooling.
Airwallex’s regulatory footprint now spans over 60 licences and an API-first platform that enables customers to launch wallets, cards, and payouts in a matter of minutes & hours, not months & years.
Airwallex’s defensibility flywheel
We love companies that improve as they scale, and Airwallex clearly falls into this camp. Through a mix of regulatory licences, product depth and distribution, it is able to better attract and serve its customer base as it expands.
Team and founder-led approach
Jack, Lucy, and the broader leadership have scaled their team while keeping a founder‑led, product‑first culture. They are relentlessly ambitious, deeply execution-focused, and fiercely committed to building a global company - and their team reflects this.
Over nearly a decade, they’ve built a bench of world-class executives across product, engineering, operations and go-to-market based all across the globe, which has allowed them to secure new licences, launch new products & expand into new geographies.
In our eight years of partnership, we’ve seen the team constantly evolve as they look to build on their own high standards and bring teams together from all corners of the globe, a capability that will serve them well as they continue building global, digital-first finance.
Path to becoming a generational company
Airwallex represents a lot of what we love at Square Peg. A formidable team going after a huge problem, with a business model that gets better as it gets bigger.
We’re privileged to have been part of the journey for the last eight years and are excited to continue building alongside Jack, Lucy, and the wider Airwallex team.
