Australian fintech funding round-up: March 2019
Here are the Australian fintech companies that received funding in March.
Crowdfunding, series funding rounds and Australia's newest unicorn: here is what happened in fintech investments in March.
Airwallex
Airwallex was founded in Melbourne in 2015 and provides international payments solutions for businesses around the world. This month it became the world's newest unicorn with a valuation of over US$1 billion.
This was achieved after a successful Series C funding round of US$100 million, taking the company's total funds raised to over US$200 million. The latest round was led by top-tier investor DST Global and will be used to fund Airwallex's expansion to the US, UK, Europe and Southeast Asia as well as fund product development.
InstaReM
International money transfer platform InstaReM also closed a Series C funding round this month, raising $58 million. InstaReM is headquartered in Singapore but first launched services in Australia in 2015. According to the company, its largest client base is still in Australia.
It plans to use the funds for a number of purposes including introducing a multi-currency forex card, increasing headcount in its London and Seattle offices and expanding to Latin America.
Earnd
Sydney fintech startup Earnd has raised $2.5 million from a number of high-profile investors including NAB Ventures and Pocketbook founders Alvin Singh and Bosco Tan. The Earnd app allows users to withdraw a portion of their pay as they earn it by integrating with payroll systems through APIs. Earnd charges employers to offer this as a benefit to staff.
The fintech startup will use the funds to expand its presence in Australia and make a number of hires.
Waddle
Fintech small business lender Waddle has closed a $4 million Series A funding round from tech venture capital firm Allectus Capital. The lender, which has previously closed $50 million in debt funding in 2017, will use the new funds to scale the platform in Australasia and integrate with overseas banks.
Waddle launched in 2014 and has lent over $275 million to small- to medium-sized enterprises (SMEs) since its launch.
Bonus: Shebah
Shebah is not a fintech company and so features in our bonus section for March. This women-only rideshare service has made history in its equity crowdfunding campaign with 95% of its investors being female. The rideshare platform raised $1 million on crowdfunding platform Birchal. The funds will be used to expand the company in Australia, launch into New Zealand and improve its user experience.UPDATE: Shebah today announced a $1 million investment from a sophisticated investor, bringing it closer to its $3 million target.
