Airwallex co-founder and CEO Jack Zhang image: Airwallex

Airwallex – a facilitator for cross-border payments – has raised  $100 million Series C funding led by DST Global, hitting a $1 billion valuation in the process. Existing investors including Tencent, Hillhouse Capital, Horizons Ventures, Sequoia Capital China, Gobi Partners and Square Peg Capital also participated in this round.

Australian founded Airwallex has now raised more than $200 million in total funding, just three years after its start. The company says it’ll deploy the new capital to expand its suite of payments products and to support expansion into the US, UK, and Southeast Asia. It’ll also further product development with this new funding.

Airwallex co-founder and president Lucy Liu image: Airwallex

Airwallex notably provides a solution for businesses to process international transactions. Customers can create accounts on Airwallex with local bank details and pay for services globally. Companies like JD.com, Tencent, MasterCard and Ctrip make use of Airwallex to process payments.

“We started Airwallex because we knew there was a better way to make global payments,” said Airwallex co-founder and CEO Jack Zhang said in a statement. “Airwallex is proud to free businesses from many of the traditional barriers that have made international transactions so difficult. Our mission is to build a worldwide, technology-driven financial infrastructure that will help our customers – including marketplaces, online sellers and SMEs – grow their businesses globally.”

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