Melbourne-based cross border payments startup Airwallex has announced a $3M Series Seed led by Gobi Partners, with participation from Huashan Capital One and Billy Tam, CEO of China’s Easylink Payments.
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Asia Pacific cross-border payment startup Airwallex lands $3M
The startup aims to ease the headache and cost of cross-border purchases by enabling consumers to buy items from outside of their country using their local currency. In essence it uses the same principles as London-based Transferwise in that it reduces the costs that both merchants and consumers eat up when the two parties are using different currencies. Airwallex CEO and co-founder Jack Zhang came upon the idea after growing tired of the additional cost of importing goods from overseas for a coffee shop business that he invested in while working for banks in Australia. Zhang, formerly with ANZ and NAB, decided that tech could provide a better solution and he founded Airwallex alongside four other co-founders, including CTO Jacob Dai and COO Lucy Yueting Liu, who spent time working foreign exchange for Barclays Bank.
