Payments platform Airwallex is moving forward with business invoice financing innovation by expanding and expanding its long-term partnership with accounting software company Xero through the integration of payment link for Xero Invoices, which aims to streamline the way Australian businesses are paid.
The expanded collaboration also includes Airwallex’s multi-currency capabilities, which means customers can issue and pay bills in multiple currencies, according to a company press release Tuesday, June 7.
Through this partnership, Australian Airwallex customers using Xero’s billing service can embed an Airwallex payment link in their bill. The link allows customers to collect funds from bill recipients directly to 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 with 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, Chief Growth Officer of Airwallex for ANZ, in the company’s 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.”
Related: Airwallex startup could seek $150 million in funding
In April, Bloomberg reported that Airwallex may seek $150 million in an extended Series E funding round as the startup explores a possible initial public offering (IPO) in 2024. Backed by Tencent Holdings, Airwallex had discussions with several potential investors to complete the financing.
Its Series E funding round in November raised a total of $300 million after securing $100 million in support from investors including Lone Pine Capital and Sequoia Capital China. The company’s post-money valuation is estimated at $5.5 billion.