Australian payments unicorn Airwallex has secured an additional $100m in a Series E1 financing round. This latest funding raises its valuation to $5.5bn.

According to a statement, the Series E1 funding round was oversubscribed and was led by Lone Pine Capital. Existing investors including 1835i Ventures and Sequoia Capital China also participated.

This new financing was an extension to the company’s Series E round announced in September when Airwallex raised $200m.

Overall, Airwallex has raised a total of $802m from the market, including $300m in Series E.

Airwallex co-founder and CEO Jack Zhang said: “Our record performance last quarter demonstrates the tremendous demand from customers who are seeking better solutions to operate their businesses.

“As we approach our sixth anniversary, we want to continue to connect entrepreneurs, business builders, and makers with opportunities in every corner of the world.

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“This new capital injection will allow us to do just that, fuelling M&A opportunities that will accelerate our global expansion plans, pursuing our mission to empower businesses to grow without borders.”

Recent Developments

Established in 2015, Airwallex helps businesses to manage online payments, treasury and payout.

Currently it employs more than 1,000 people across 19 locations across the world.

The company reported a strong performance in the third-quarter of the year recording a 165% YoY revenue increase. Its annualised revenue exceeded $100m.

Airwallex also hired 200 people to strengthen its presence in its core markets. It also worked to bolster its footprint in APAC and EMEA regions.

It secured money services business (MSB) licence in Malaysia in September.

The company also expanded its international footprint by foraying into the US.