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The launch of the online payment system is the latest in a series of moves by the fintech firm to expand.
Fintech startup AirWallex has launched its online payment system on Shopify. The payment app will allow merchants on the app to add their online stores and receive payments from customers globally.
Regarding the development, Ravi Adusumuli, SVP of Partnerships at Airwallex, expressed his excitement at partnering with Shopify. Also, he noted that the app was just one of many products that’ll allow merchants to conduct cross-border payments seamlessly.
“(We are) helping merchants create a smooth payment journey via their online store,” he concluded.
How the Online Payment System Works
The online payment app is a part of Airwallex’s payment acceptance solution. It includes several payment methods, including Mastercard, Visa, UnionPay, and over 30 local payment methods across Europe, Asia-Pacific, Southeast Asia, and APAC.
With an Airwallex account, merchants will be able to pay using borderless cards. They will also be able to receive funds in seven significant currencies using their Airwallex multi-currency wallet.
Moves for Expansion
The launch of the online payment system is the latest in a series of moves by the fintech firm to expand. In November 2021, the firm achieved a $5.5 billion valuation. The firm raised $100 million in an oversubscribed Series E1 funding round led by Lone Pine.
The current tally of all funds raised by the company amounts to $802 million. Yet, the firm is looking to raise $100 million more in an extended series E round later this year. Already, there are reports Visa is showing interest in being part of the round.
Beyond raising funds, Airwallex has also been expanding its operations internationally. In fact, in June, the firm expanded its operations into New Zealand. Consequently, the firm now operates in about twenty different locations globally.
Speaking after the expansion into New Zealand, Airwallex’s Head of Growth for ANZ, Sam Kothari, said:
“By providing local businesses with a single global financial platform, we aim to empower them to scale successfully, which is especially critical in this current economic environment.”
Also, this year, the company was nominated for The Fintech Power 50 alongside about 1200 other companies. Airwallex finished in the top 40 most innovative companies alongside others like Trulioo, Moneyhub, Weavr, and SmartStream. The firm’s initial public offering (IPO) is expected to happen in 2024.