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Fintech Airwallex Buys South Korea’s Paynuri in Asia Expansion

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Australia-founded fintech Airwallex has acquired South Korea’s Paynuri, securing key local licences that will allow it to operate directly in the country as it accelerates expansion across Asia.

Airwallex said the deal grants it Paynuri’s Payment Gateway and Prepaid Electronic Payment Instrument licences, along with a Foreign Exchange Business registration. Financial terms were not disclosed. Co-founder and president Lucy Liu said the acquisition removes reliance on third-party intermediaries and enables direct operations in South Korea.

The company plans to launch global business accounts and payment acquiring services in South Korea in 2026, followed later by spend-management products. Airwallex also aims to build a local team of about 20 staff by the end of 2026 across sales, compliance, and product support.

The move follows a December funding round that valued Airwallex at $8 billion, around 30% higher than its previous valuation. General manager for Asia-Pacific Arnold Chan said South Korea’s fast-growing ecommerce and entertainment sectors offer strong opportunities for Korean businesses expanding overseas.

Airwallex reported $1.2 billion in annualised revenue and $266 billion in annualised transaction volume in December, underscoring its rapid global growth.

Airwallex Hits $6.2 Billion Valuation in New $300 Million Funding Round

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Airwallex, the global fintech firm specializing in cross-border payments, announced on Wednesday that it has raised $300 million in fresh capital, lifting its valuation to $6.2 billion — an 11% increase from its previous valuation in 2022.

The raise comes at a time when the broader private funding market remains tepid. According to PitchBook, over 26% of completed deals in Q1 2025 were either flat or down rounds, reflecting ongoing investor caution amid persistent high interest rates, recession fears, and geopolitical uncertainty, particularly around U.S. trade policy under Donald Trump.

Growth Despite Market Headwinds

Founded in Melbourne in 2015, Airwallex has grown into a leading payments platform offering international invoicing, cross-border payments, and spend management tools. The company moved its U.S. headquarters to San Francisco in 2023 and now has its global headquarters in Singapore.

“Just a few years ago, most of our business came from our cross-border infrastructure. Today, online payment processing and spend management account for over 70% of net revenue,” said Jack Zhang, co-founder and CEO of Airwallex.

The firm’s client roster includes global names such as Shein, Qantas, and Xero.

Investor Support and Strategic Focus

The latest round included backing from well-known venture firms such as Square Peg, DST Global, Lone Pine Capital, and Blackbird, bringing Airwallex’s total funding to over $1.2 billion.

Zhang emphasized that Airwallex is targeting Japan, Korea, and Latin America for its next wave of geographic expansion, further challenging incumbents like JPMorgan Chase, Bank of America, and Citigroup in the global payments arena.

Industry Context

While the fintech sector enjoyed explosive growth during the post-COVID digital transformation wave, funding has since slowed dramatically. Airwallex’s successful raise — and upward valuation — positions it as a standout performer in a cautious investment climate, signaling investor confidence in its business model and global strategy.