Australian Female co-founded Startup Airwallex Secures $300M at Nearly $10 billion Valuation

• A significant milestone is reached by the international payments company Airwallex
• Accompanied by the three biggest venture capital firms in Australia, it becomes the first tech startup since Canva

The country's three biggest venture capital firms, Square Peg Capital, Airtree Ventures, and Blackbird Ventures, have backed international payments company Airwallex, making it the first Australian tech startup to do so since Canva.

One of the largest capital raises in Australian history, the company recently raised $US300 million (AUD $467 million). It's interesting to note that Canva, which raised $US1.6 billion last year, and Airwallex both have a female co-founder. In 2015, Lucy Liu and her university friends in Victoria co-founded Airwallex, while Melanie Perkins co-founded Canva. As the company's current president, Liu has contributed to Airwallex's growth into a $US6.2 billion (AUD $9.6 billion) global fintech leader.

Airwallex began as a coffee shop in Melbourne and specialized in quick cross-border payments before developing into a full-service financial platform. With its headquarters in Singapore, the company currently generates $US720 million in revenue annually, handles over $US130 billion in international payments, and employs 1,700 people in 26 offices worldwide to service more than 150,000 business clients.

Lucy told the Financial Review that the company is thinking about going public in the upcoming year, but that will depend on the state of the world market. "We are focused on expanding the business and have raised capital without going public," she stated. "We want the IPO to be the start of a new journey, not its apex."

With half going toward secondary sales, the most recent round of funding will support product development and international expansion, enabling early investors to cash out. She also admitted that the culture of the business has changed over time.

 Formerly infamous for its high employee turnover and demanding, high-pressure work environment, Airwallex is now more focused on team cohesion and employee satisfaction. "It's a fast-paced, hardworking place, but we've become more aware of who we are and how to build a culture where people enjoy working," Lucy said.