Airwallex, a new payment platform, is looking to raise up to $150 million ($209 million) in an extension to its Series E funding round, according to people familiar with the matter.
The Tencent Holdings Ltd.-backed company is in talks with potential investors and aims to complete the fundraising in the coming months, the people said, asking not to be identified as the information is private. The startup is also considering an initial public offering as early as 2024, the people said.
In November, Airwallex raised $100 million ($139.5 million) from investors including Lone Pine Capital and Sequoia Capital China, bringing the total fundraising in the Series E round to around $300 million ($139.5 million). $418.5 million), its website shows. The latter values Airwallex at around $5.5 billion.
Deliberations are ongoing and details of the fundraising and IPO could still change, the people said. An Airwallex representative declined to comment.
Founded in 2015 by the owners of a Melbourne coffee shop, Airwallex offers services including end-to-end cross-border payment and collection solutions for customers. It has more than 1,000 employees in 19 offices in countries including China, Australia, Japan, the United States and the United Kingdom, according to its website.
The startup has raised about $800 million ($1.1 billion) so far and counts DST Global and Mastercard Inc. among its backers.