Airwallex, a global fintech platform originally founded in Melbourne, announced it has completed the acquisition of UniCard Solution Limited, after having received consent from the Hong Kong Monetary Authority to become a shareholder controller of UniCard on 23 February 2021.
The company raised $200 in the second half of last year in series D funding. At the time it announced the result of the round Airwallex said the additional funds raised will enable it to invest in the continued build-out of its product suite, to strengthen its existing footprint in key regions such as Asia Pacific and UK/Europe. It also flagged plans to expand its global payment coverage to include additional regions such as the Middle East, Eastern Europe and Africa. Airwallex is currently laying the groundwork for its market entry in the US in Q1 2021.
UniCard is a Hong Kong incorporated business and Stored Value Facilities (“SVF”) licensee under the Payment Systems and Stored Value Facilities Ordinance. Airwallex will continue to support UniCard’s prepaid card product, while also providing Hong Kong businesses with access to new and innovative payment and collection solutions. Airwallex aims to launch various card payment products that will support multi-currency, cross-border transactions in a safe, convenient and cost-effective way in the coming year.
“This is an exciting development for the Hong Kong market and Airwallex customers, and we are pleased to have received HKMA’s consent to be a shareholder controller of UniCard,” says Jack Zhang, Co-Founder and CEO of Airwallex.
“Today’s announcement signals our commitment to provide all businesses, large or small, with modern payment technology. Now more than ever, businesses need tools that can support their changing needs for faster and more effective solutions to manage cross-border expenses, global payments and other transaction needs. With the acquisition of UniCard, we hope to continue to innovate and empower businesses in Hong Kong and across Asia to grow without borders.”
Airwallex is offering a global financial cloud to empower businesses to grow without borders, providing a one-stop shop for payments, collections, FX, cards and other value-add solutions for SMEs, and an API for larger businesses requiring customisation.
To meet the growing and evolving needs of its customers, Airwallex has continued to expand its products and offerings, and in the past year, in markets outside Hong Kong, introduced a popular virtual multi-currency debit card with Visa, a bank feed integration with Xero, a rewards program, and payment acceptance capabilities. Airwallex has also been actively recruiting to drive its ambitious international expansion goals, and was named on Forbes’ 2020 Cloud 100.