Having raised $5 million, from backers such as Gobi Partners, Melbourne payments technology start-up Airwallex is ready to launch. There are also plans in train to raise up to another $20 million before the end of the year.
Airwallex is a digital financial services enterprise that has developed a platform combining low-cost foreign exchange and payments technologies. Its initial target market is local small businesses looking for an easier way to transact with clients and suppliers in China and Hong Kong.
One of the first investors in the new fintech company is Gobi Partners, the Hong Kong-based investment manager of Alibaba’s venture capital fund. Other backers include Beijing-based Gravity Ventures.
Angel investors rounded out the start-up funding round of $5 million, secured over December 2015 and January 2016.