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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.

Kyndryl Beats Revenue Estimates on AI Demand Surge, Hits $1.2B Hyperscaler Milestone

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Kyndryl (KD.N) topped Wall Street revenue estimates in the fourth quarter, driven by strong demand from businesses integrating artificial intelligence, the company reported Wednesday. The former IBM infrastructure unit reported $3.80 billion in quarterly revenue, slightly above analyst expectations of $3.77 billion (LSEG), despite a modest year-over-year decline.

Crucially, Kyndryl surpassed its hyperscaler revenue target, recognizing $1.2 billion in fiscal 2025 revenue from companies leveraging services from major cloud providers—well above its $1 billion goal.

“We expanded our capabilities in cloud, modernization, applications, AI and security,” said CEO Martin Schroeter, highlighting AI integration as a core growth area.

Key Financial Highlights:

  • Q4 revenue: $3.80B (vs. $3.77B expected)

  • Q4 net income: $68M (vs. $45M loss YoY)

  • Fiscal 2026 adjusted pretax income forecast: ≥ $725M (up $243M YoY)

  • AI and cloud modernization seen as major revenue catalysts

While overall revenue dipped ~1%, this is partially attributed to Kyndryl’s ongoing restructuring of inherited no-margin IBM contracts, a strategic shift aimed at long-term profitability.

Market Context:

  • Kyndryl stock rose 66% in 2023 but is down over 3% YTD, amid broader macroeconomic volatility tied to U.S. trade policy shifts under President Trump.

  • The IT services sector is experiencing strong AI-fueled transformation, as businesses invest heavily in data architecture and cloud-based solutions.

The strong performance and confident outlook affirm Kyndryl’s position as a key player in helping enterprises modernize for the AI era.

PDD Holdings Faces Revenue Miss Amid China Competition and Global Uncertainty

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PDD Holdings, the parent company of Pinduoduo and Temu, reported lower-than-expected quarterly revenue on Thursday, reflecting weak consumer demand in China despite deep discounts and government efforts to boost spending. The company generated 110.61 billion yuan ($15.3 billion) in revenue for the quarter ending December 31, missing analysts’ estimates of 115.38 billion yuan. However, it exceeded profit expectations with an adjusted earnings per share of 20.15 yuan, aided by higher investment income and favorable currency exchange rates.

Despite aggressive pricing, PDD faces intense domestic competition from Alibaba and JD.com, both of which recently posted better-than-expected earnings. Analysts suggest that Alibaba’s focus on merchant retention and JD.com’s strength in electronics—bolstered by government subsidies—have given them an edge over PDD.

Internationally, PDD’s Temu platform continues to gain traction, attracting budget-conscious shoppers in markets like the U.S. and Europe. However, it faces uncertainty due to potential changes in the U.S. de minimis policy, which currently exempts imported items under $800 from tariffs. A policy shift could impact Temu’s low-cost advantage.

Co-CEO Chen Lei acknowledged the growing challenges posed by competition and regulatory shifts, stating that PDD is exploring new business models and localized supply chain innovations to adapt. Despite these concerns, U.S.-listed shares of PDD rose 2% in early trading.