Australia-based fintech Airwallex has partnered with financing platform Choco Up to facilitate the growth of cross-border ecommerce in Asia.
The team-up involves combining Airwallex’s global payment infrastructure with Choco Up’s funding solutions. It will offer access to cross-border payments, collections, and growth funding services, enabling the region’s ecommerce players to scale with less financial hassle.
The fintech entered the Singaporean market in January 2022. Its valuation hit USD 5.5 billion in November 2021 after getting USD 100 million in a series E1 round. Its API solution offer a centralised way to manage cross-border payment complexities, so businesses can transact internationally.
Choco Up provides revenue-based financing from USD 10,000 to USD10 million to ecommerce companies. It also has an AI-driven risk assessment solution to help business owners identify pain points and optimise their operations.