Airwallex plans for IPO by 2026, soaring towards success.

January 15, 2024
1 min read

The Melbourne-based fintech company Airwallex is preparing for an initial public offering (IPO) within the next two years, according to CEO Jack Zhang. Zhang stated that while there is no immediate plan to go public, the company aims to be IPO ready by 2026. The company, which was last valued at $5.5 billion, has raised a total of $902 million since its founding in 2015. Its backers include Square Peg, Salesforce Ventures, and Sequoia Capital China. Zhang’s 14.1% stake in the company could potentially be worth around $1.17 billion.

Airwallex’s potential IPO comes as another unicorn startup, Canva, also considers going public. Canva, which was founded in 2012, is contemplating an IPO in 2025. In the meantime, shares worth up to $1 billion owned by staff and early-stage investors are set to change hands in a secondary market sale. Canva is valued at $25.5 billion and has been profitable since 2017.

Zhang expects Airwallex to post a profit in 2023 with $350 million in annual recurring revenue. The company processed $80 billion in transactions in the past year, but there have been reports of high staff turnover and stress within the company. Zhang claims that these issues are being addressed and employee engagement has improved.

The company’s holding company is based in the Cayman Islands, reportedly a condition of receiving backing from offshore investors. Airwallex recently added former Stripe and Morgan Stanley executives to its leadership team and appointed ex-PM Scott Morrison’s former press secretary as Associate Director of Corporate Affairs.

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