The summer 2022 fintech downturn took a heavy toll on companies of all sizes, prompting startups and major brands alike to rein in planned expansions and slash their workforces. Even as a recession has largely been avoided thus far, fintech companies are having a difficult time securing financing and attracting top talent — two issues that were never a problem before.
But fintech unicorn Airwallex has stood out for its resistance to these tribulations. In fact, while rival companies struggle to gain investor attention, Airwallex attained a valuation of $5.5 billion in October following a total $400 million in fundraising led by top-tier investors such as Tencent and Sequoia Capital China.
What’s Airwallex’s secret? According to the company’s President and Co-Founder, 31-year-old Lucy Liu, its SME-driven business model has made the world’s digital financial infrastructure more accessible to companies previously shut out of major monetary services. As a result of opening up payment options to new sectors, Airwallex has become one of Asia’s fastest growing technology companies.
“We’re very focused on building the infrastructure to empower other businesses,” said Liu in a recent interview. “I think that global financial infrastructure is something that’s quite unique. It takes a lot of time, money, resources, and people to build, and it’s not something that people can easily copy or catch up to.”