Payments firm Airwallex has raised an additional $80m in a Series B funding round, taking its total funding to $102m.

The funding round saw the participation of Series A investors Tencent and Sequoia China along with China’s Hillhouse, Hong Kong’s Horizons Ventures, Indonesia’s Central Capital Ventura (BCA) and Australia’s Square Peg.

Airwallex plans to utilise the new capital to expand operations across the globe and speed up the production of its cross-border payment technology.

The company will also allocate a portion of the funds to promote financial inclusion for SMEs in Hong Kong, where it plans to apply for a virtual banking licence. Furthermore, the funding is expected to support the company’s growth in the UK.

Airwallex COO and co-founder Lucy Liu said: “Airwallex has identified that businesses in all corners of the world are experiencing similar challenges as the pace and connectivity of a digitalised global economy continues to gain momentum.

“By offering full end to end solutions – not just in FX and payments – we’re changing the way our clients thrive in the global arena.”

The Airwallex platform utilises latest FX and payment engine with a transparent pricing model to conduct thousands of transactions every second. By offering a cost-effective alternative to existing payment networks, it aims to cater to businesses that intend to automate international payment workflows.