WeChat Pay parent backs cash transfer firm Airwallex - Mobile World Live

WeChat Pay parent backs cash transfer firm Airwallex

02 MAY 2017

WeChatPay parent company Tencent invested in Australian international money transfer company Airwallex as part of a $13 million Series A funding round by the start-up.

In a company blog announcing the investment, Airwallex said Tencent had a “vested interest in cross-border payments” thanks to its existing presence in the mobile payment space.

Mobile wallet brand WeChat Pay is one of the world’s largest mobile payment providers and, together with rival Alipay, dominates the lucrative Chinese m-Commerce market.

During the last year WeChatPay expanded its reach with merchants outside of its home market and is now accepted by a range of retailers in destinations popular with Chinese tourists.

According to China Money Network, in addition to the financial backing, Tencent formed a partnership with Airwallex to lower the cost of those international transactions.

Airwallex currently provides discounted international cash transfers for businesses. Prior to its latest funding round, it raised $3 million in a pre-Series A round in early 2016.

Jack Zhang, CEO of Airwallex said: “Armed with a growing number of financial services licences and partnerships across numerous jurisdictions, we aim to make international payments as cheap and simple as domestic payments.”

Alongside Tencent, Mastercard and Chinese investment institution Sequoia Capital participated in the latest funding round.

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Chris Donkin

Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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