Australian financial technology company Airwallex Pty Ltd. announced today it has raised $200 million in a new late-stage funding to support global expansion and enable the company to accelerate product development.

Lone Pine Capital led the Series E round. Also participating in the round were G Squared, Vetamer Capital, 1835i Ventures (formerly ANZi), DST Global, Salesforce Ventures and Sequoia Capital China. The round was raised at a valuation of $4 billion.

Founded in 2015, Airwallex offers a cross-border payment service designed to assist companies that have business in multiple countries in different currencies but don’t have the resources to develop a payment system of their own. The company offers various tools to users, including a built-in invoice creation tool and the ability to lock in the exchange rate for each payment.

Under the hood, the company’s platform uses machine learning to identify the fastest and cheapest route through which payments can reach their destination.

As noted when they last raised funding in April 2020, while Airwallex primarily offers services to small to medium-sized enterprises, the company also offers a suite of enterprise products. For large businesses, the company’s service includes managing complex financial needs, including mass international and domestic payments.

Over the last year, Airwallex has seen significant growth. Year-over-year revenue is up nearly 150%, off an undisclosed base, and the company says it has processed more than $20 billion for a client portfolio that has quadrupled in size. Recent new products and milestones include opening for business in the U.S. as well as obtaining a security and electronic money issuer license in the Netherlands and a Money Services Business license in Malaysia.

“From the start, our vision has been to build a global financial operating system that will allow modern businesses to operate without borders,” Jack Zhang, co-founder and chief executive officer of Airwallex, said in a statement.

Including the new funding, Airwallex has raised $702 million to date, according to Crunchbase.

The news comes after another Australian company, Canva Pty. Ltd., raised $200 million in new funding last week.  Canva’s round was raised at a valuation of $40 billion, making it one of the most valuable startups in the world.

Image: Airwallex