Hot Money Monday: ASX fintechs could ride tailwind as Airwallex soars to $6bn valuation

Airwallex’s latest mega-raise shows there’s still big potential in Aussie fintech for investors paying attention.

Aussie fintechs are helping to redefine global finance. Picture via Getty Images

• Airwallex lifts off with $300m raise, hits $6.2 billion valuation

• Idea generated in Melbourne café turns into $130bn payments powerhouse

• Here are ASX players in the same space 

Australia’s startup scene wasn’t always the fast-moving, unicorn-spawning machine it is today.

Not long ago, the idea of launching a billion-dollar tech company from the land Down Under seemed far-fetched. Most investors were cautious, and startups were often little more than side hustles trying to solve local problems.

But that’s all changed, big time.

Thanks to a cocktail of factors including tech-savvy consumers, strong university talent, government support, and sheer grit, Australia has become a fertile breeding ground for tech giants.

Today, names like Atlassian, Canva, and SafetyCulture are global brands, and there’s a growing herd of Aussie unicorns making their names beyond our shores.

Among them, one name stands out in fintech: Airwallex.

The Melbourne baby that took on the world

Born in a Melbourne café in 2015, Airwallex was the brainchild of a group of mates who were fed up with the clunky and expensive process of moving money across borders.

They rolled up their sleeves and built a sleek, B2B cross-border payments platform that would eventually challenge the status quo of global banking.

Fast forward to 2025, and that scrappy startup has grown into a fintech juggernaut.

Headquartered in Singapore with major offices in San Francisco and London, Airwallex now helps over 150,000 businesses around the globe handle international transactions, issue cards and manage spend.

Its clients include big names like Qantas, Shein and Xero; and the company has grown its revenue by more than 90% year-over-year.

In 2024 alone, it moved over US$130 billion in payments.

Airwallex’s latest mega raise

Last week, Airwallex raised US$300 million in a fresh Series F round, taking its valuation up to US$6.2 billion, a near 11% bump from 2022.

At a time when the fintech sector has been struggling to shake off the chill of rising interest rates and investor fatigue, that’s no small feat.

In fact, 2025 has been tough going for startups globally.

According to PitchBook, more than a quarter of all startup deals this year have been flat or down rounds.

So, for Airwallex to pull off an up-round, and one of this scale, shows just how strong the fundamentals are.

Big names chipped in, too: Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, and Visa Ventures, along with some of Australia's leading pension funds.

The total capital raised by Airwallex now exceeds US$1.2 billion, and the war chest will be used to expand infrastructure into Latin America, Europe and the Middle East.

CEO Jack Zhang said: “The global financial system wasn’t built for today’s borderless economy... We’re building a new foundation for the global economy – fast, seamless and built for scale.”

ASX fintech contenders in the B2B space

Airwallex’s latest funding success also puts a spotlight on ASX-listed fintechs playing in similar cross-border payments and digital finance spaces.

While Airwallex has chosen to remain private for now, the ASX isn’t short on fintech hopefuls trying to carve their own slice of the pie.

Novatti (ASX:NOV)is probably a standout here, offering global digital payment solutions and pushing for a banking license. It’s a bit like Airwallex’s cousin, handling end-to-end processing for cross-border commerce.

Then there’s Tyro Payments (ASX:TYR), known for its EFTPOS and small business banking services. While it leans more local than global, it’s still a big player in Aussie fintech.

Change Financial (ASX:CCA)is quietly building a payments-as-a-service platform, issuing cards and handling transactions for other fintechs. Think of them as the plumbing underneath the financial apps we use.

EML Payments (ASX:EML)offers prepaid cards and digital wallet services, making it another infrastructure-style player with international reach.

Last but not least, Cuscal (ASX:CCL) , while not flashy, is an unsung hero. It provides essential payments infrastructure to banks and credit unions across the country.

This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decision.

Originally published as Hot Money Monday: ASX fintechs could ride tailwind as Airwallex soars to $6bn valuation