(Reuters) – Australian fintech company Airwallex said on Tuesday it has secured an online payment business license in China by acquiring Chinese company Guangzhou Shang Wu Tong Network Technology.
The Tencent-backed firm also said it has become a third-party payment provider in China, gaining greater access to the local market.
“To better address the pain points encountered in cross-border transactions between China and the rest of the world, our team will work towards integrating our platform,” said Kai Wu, chief revenue officer and general manager of APAC at Airwallex.
Airwallex, which allows customers to issue and pay international invoices and bills through its payments platform, last year secured $100 million in an extension of a funding round, sustaining its $5.5 billion valuation.
The latest approval adds to the company’s existing licenses across major markets including Australia, United Kingdom and the United States.
(Reporting by Aarati Krishna and Maria Ponnezhath in Bengaluru)
