Airwallex raises $320 million, rolls out AI-driven finance tools while eyeing IPO

Airwallex closed a $320 million Series H financing led by returning investor Addition, lifting its valuation to $11 billion after a December round at $8 billion. President Lucy Liu described the new T:0 product as an "assisted-driving" style automated bookkeeping system that can run a firm’s finance function with minimal human oversight. The company also unveiled Ari, an AI-enabled consumer wallet for one-click checkout, and is pushing into markets such as the United States, South Korea, Mexico and Brazil, sometimes via acquisitions like the MexPago license.

While the firm reports EBITDA positivity and a strong gross margin, it acknowledges that current market volatility makes an IPO premature, though it remains "IPO-ready" by year-end. U.S. Senator Tom Cotton has called for a CFIUS review over alleged Chinese ties, and Australia’s AUSTRAC has ordered an external audit for AML compliance. Airwallex says it is cooperating with regulators and has moved certain China-based staff abroad to protect data security.