Melbourne-based fintech startup Airwallex has landed $3m to minimise cross-border payment risks.
The pre-Series A investment round was led by Shanghai-based venture capital firm Gobi Partners. China’s Gravity VC, Huashan Capital One, Easylink CEO Billy Tam also participated in the round.
The Airwallex platform enables businesses to issue and pay invoices in their preferred currency at the mid-market foreign exchange rate.
It claims its platform, which has been designed using a peer-to-peer algorithmic engine, will help businesses avoid inflated bank margins and currency fluctuation risks.
According to the company, it will use the funds to develop the technology stack of its payments platform, which is currently in beta stage.
It will also the use the capital to roll out new features, including a multi-currency digital wallet and APIs for ecommerce platforms.
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