Aussie Fintech Startup to Disrupt Current Forex Ecosystem
Melbourne-based fintech startup Airwallex recently secured $4.5 million (US$ 3 million) in a pre-Series A investment round led by Gobi Partners, which is also the investment manager of Alibaba's venture capital fund.
Airwallex aims to facilitate cross-border payments by allowing customers to buy items from outside their country using their local currency. The startup's initial targets are small businesses looking for a cheaper alternative to banks or PayPal when transacting with suppliers in Hong-Kong and China. As CEO and co-founder Jack Zhang told the Australian Financial Review, clients would be able to save as much as 90% on their foreign exchange rates by using the platform.
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Jack Zhang, CEO and co-founder of Airwallex
