What happened: Hong Kong-headquartered fintech startup Airwallex has closed a $100 million Series C that values its business to more than $1 billion. DST Global led the new round of funding with participation from other backers including Sequoia Capital China, Tencent, Hillhouse Capital, Gobi Partners, Horizons Ventures, and Square Peg Capital. The cash infusion will be used to support Airwallex’s expansion in the global markets, efforts to better serve small and medium-sized enterprises, and enhance its technology and product development, according to Jack Zhang, CEO of Airwallex.
Why it’s important: Airwallex, which handles cross-border transactions for businesses, has a client base of big-name internet companies including JD.com, Tencent and Ctrip, as well as financial service providers such as MasterCard. Since its founding in 2015, Airwallex has raised over $200 million; its previous round was an $80 million Series B announced in July. The company started out with a focus on Asia, China in particular, and is now eyeing other global markets such as the US and the UK.