“Back then, startups were largely domestically focused,” Liu says. “The mindset was smaller projects aimed at addressing local needs. It was hard to imagine a unicorn emerging from here, let alone multiple unicorns.”

Fast forward nine years, and the country has become a launchpad for billion-dollar startups: companies like Atlassian, Canva and Airwallex have proven that it’s possible for businesses born in Australia to achieve global scale.

Liu’s company itself is a shining example, growing from a modest startup into a global financial technology giant. Today, the Melbourne-born unicorn is valued at $US5.6 billion

Specialising in B2B payments, it provides businesses with a robust infrastructure for payment collection, payouts, and card issuance, serving everyone from sole traders to multinational corporations.

At the heart of this transformation is a shift in the investment climate.

“When we started, most of the funding came from angel investors,” says Liu. “They wrote small checks for early-stage ideas, but there was little continuity to support growth beyond that stage,” she says. “Now, investors are taking bigger bets, backing companies with proven potential and global visions. That’s been a game-changer.”

While Australia’s relatively small population might seem like a limitation, Liu believes it’s an advantage for companies in their early stages.

“Australia is the perfect size for testing products,” she says. “You can target your audience without overinvesting, and if you succeed here, it’s a great launchpad for scaling globally.”

The country’s diverse population and proximity to Asia-Pacific further enhance its appeal.

“Geographically, we’re in a sweet spot,” Liu says. “We’re close to Asia but also have strong ties to the US and Europe. Australians are also early adopters of technology, which makes it easier to launch and iterate new products.”

This willingness to embrace innovation has also been a key factor in startup growth.

“Australians were early adopters of digital banking and SaaS solutions,” Liu says. “That openness gave us the foundation to build and refine our products before expanding to larger markets.”

Her company is now paying it forward by supporting the next generation of startups. Its Airwallex for Startups program offers more than just financial tools.

“We’re deeply involved,” Liu says. “Our senior executives mentor founders, share insights, and make introductions within our extensive network of VCs. It’s not just a program; it’s a partnership.”

Airwallex Impact is the company’s way of giving back. , In partnership with Pledge 1% , Airwallex is pledging 1 per cent of its equity, time, products and profits to act as a catalyst for innovation and entrepreneurship. Employees are also encouraged to volunteer 1% of their time to social causes, which works out to three working days a year each.

Additionally, its $3 million partnership with the University of Melbourne is now in its third year. The program has awarded over 40 scholarships to STEM students, 40 per cent of whom are women.

“We’re proud to support future talent,” Liu says. “Education is where innovation begins, and we want to influence that pipeline early on.”

Perhaps the most significant shift Liu has observed is the growing ambition of Australian founders.

“Startups here are thinking bigger,” she says. “They’re aiming for unicorn status and beyond, with billion-dollar valuations in mind from the start. It’s a far cry from where we began.”

But achieving such success requires hard work and a global outlook.

“Australian companies need to think beyond our borders,” Liu emphasises. “The tools and infrastructure are there – cloud technology, AI, and more – to scale rapidly. The challenge is to take that first step and believe it’s possible.”

Airwallex – which has already partnered with tech giants like Canva and Xero – continues to support startups in practical ways, including business grants and mentorship.

Nobody’s Princess, for example, is an Australian sportswear brand that designs size and shape-inclusive ski and snowboarding apparel, aiming to provide better-fitting options for women of all sizes.

Founded by Maria Baker, the company received Airwallex’s inaugural Business Acceleration Grant, which facilitated its expansion into the US and Canadian markets.

“For me, the grant is going to be used for setting up overseas. If I wasn’t able to do it now, I realistically wouldn’t be able to do it for another 12 months,” says Baker. “So if I can bring that forward, I can bring everything forward.”

Another is Gether, an Australian startup that uses AI to organise and distribute family responsibilities, thereby easing the pressures of modern family life.

“We’ve got a target of getting to $100 million within ten years. The vision is that we have Microsoft AI at the office and Gether AI at home. We really see this as a global product,” says co-founder Claire Waring.

Liu, for her part, is optimistic about what lies ahead.

“We’ve seen what’s possible,” she says. “The next wave of unicorns is just getting started.” As the world watches, the rise of new Aussie unicorns will redefine industries, challenge global giants and inspire a new generation of Australian entrepreneurs to think bigger and bolder. Watch this space.

To find out more, please visit Airwallex.