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Airwallex eyes Middle East expansion with sovereign wealth fund backing



Airwallex, a global fintech platform, is in talks with several Middle Eastern sovereign wealth funds to raise capital for regional expansion. CEO Jack Zhang mentioned discussions with the Abu Dhabi Investment Authority, Mubadala Investment Co, and Saudi Arabia’s Public Investment Fund. The firm, which is cash flow-positive with USD500m in the bank, aims to fuel growth and AI-driven innovation. Founded in 2015 in Melbourne, Airwallex offers cross-border payments and finance solutions, having raised USD902m from investors like Tencent, with a valuation of USD5.6bn. The company plans to enter the UAE and Saudi Arabia first, followed by Qatar and Bahrain, competing with PayPal and Revolut. Zhang highlighted the region’s growing regulatory transparency and the firm’s unique position to facilitate Middle East-Beijing partnerships.

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