The cash came from existing investors Square Peg, Salesforce Ventures, Sequoia Capital China, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent. HostPlus, an Australian industry superannuation fund, as well as a leading North American pension fund also participated.

The new capital injection brings melbourne-based Airwallex’s total funding to $900 million.

The company, which is pondering an initial public offering as early as 2024, has seen its business continue to grow despite the economic downturn, posting a 184% revenue rise and doubling customer numbers over the past year.

“The valuation underscores investors’ confidence in Airwallex’s core business value and fundamentals, and we are fortunate to have the continued support of our existing investors, and the confidence of new investors, as we pursue our vision to become the global economic infrastructure for modern businesses,” said Jack Zhang, Co-founder and CEO at Airwallex. “The market environment remains challenging in the foreseeable future, and while we remain well capitalised, this additional runway allows us to continue our growth plans, product expansion, and hire some of the best talents in the world. By strengthening the breadth of our global reach and product offering, we can better empower our customers to unlock new market opportunities.”

The company has recently expanded its reach beyond Asia to Europe and North America, and is planning to rollout multiple new products, including improvements to its expense management platform and a new credit solution for businesses.