Australian cross-border payments startup Airwallex has received $160m in its Series D fundraising round to support its global expansion.

This is the company’s biggest raise to date and comes almost a year after it raised $100m at $1bn valuation in March last year.

The latest round was led by ANZi Ventures and Salesforce Ventures and valued the company at $1.8bn.

The latest funding round was also joined by the company’s existing investors DST Global, Tencent, Sequoia Capital China, Hillhouse Capital, and Horizons Ventures.

This brings the total equity raised by the company to date to more $360m.

The company said it will use the fresh capital to accelerate its expansion in Europe, the US and new markets.

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It also intends to use the money to enhance its product portfolio to include payment acceptance solutions and explore merger and acquisitions to fast track its growth.

Airwallex CEO and co-founder said: “From the very beginning, our vision has been to lead the transformation of global financial infrastructure.

“We have stayed true to our vision by building the Airwallex platform with fast and agile technology, continually improving our product and investing in dedicated support teams. More than ever, we are well-positioned to support businesses no matter their size as they adapt to today’s changes.”

Founded in 2015, the firm provides a solution enabling businesses to make payments and transfer money on a global scale.

Airwallex solution enables customers to instantly create global accounts using local bank information and explore interbank exchange rates. Users can send money via both domestic and international clearing networks to more than 130 countries.