Payments platform Airwallex is moving forward with business invoice finance innovation by expanding and extending its long-term partnership with accounting software firm Xero through payment link integration for Xero invoices, which aims to streamline how Australian businesses get paid.
The broadened collaboration also includes Airwallex’s multi-currency capabilities, meaning customers can issue and settle invoices in multiple currencies, according to a company press release Tuesday (June 7).
Through the partnership, Airwallex’s Australia-based customers using Xero’s invoicing service can embed an Airwallex payment link in their invoice. The link allows clients to collect funds from invoice recipients straight into their Airwallex account in over 170 currencies.
The Xero invoice will then be marked as reconciled, and a payment receipt will be emailed to the payer.
“Invoice recipients can now pay in one click, increasing the speed and likelihood of getting paid for our customers, which in turn will improve their business cash flow,” said Sam Kothari, Airwallex’s head of growth for ANZ, in the company press release. “We’ve also brought our unique cross-border payment capabilities to this solution to help our customers collect and hold in the currencies that are important to them, avoiding unnecessary conversion fees.”
In April, Bloomberg reported that Airwallex could seek $150 million in an extended Series E funding round while the startup explores a possible initial public offering (IPO) in 2024. Backed by Tencent Holdings, Airwallex has held discussions with several possible investors to round out the funding.
Its Series E funding round in November raised a total of $300 million after getting backing of $100 million from investors including Lone Pine Capital and Sequoia Capital China. The company’s post-money valuation is estimated at $5.5 billion.