Company profile Β· Australia Β· Fintech
Airwallex
Flat / n.a.$6.2B$150M of secondaries inside the Series F; Dec 2025 round marked $8B
About
Airwallex is an Australian-founded cross-border payments and financial infrastructure platform serving businesses operating internationally.
Premium or discount?
Airwallex ran $150M of secondary transfers inside its Series F, marked flat against the round rather than a standalone re-pricing β a routine liquidity event bundled into new capital, similar to how several US companies in the network use primary rounds to fund secondaries.
Secondary deal history
| Date | Valuation | vs. last round | Source |
|---|---|---|---|
| May 2025 | $6.2B | Flat / n.a.$150M of secondaries inside the Series F; Dec 2025 round marked $8B | Sacra β |
What to look for in a deal like this
- Whether the secondary tranche sits alongside a primary raise. When the two are announced together, the headline valuation is set by the primary and the secondary simply borrows it.
- Which shareholders are selling. Early investors and employees selling into a growth round is routine; founders selling large positions attracts more scrutiny.
- The licensing position across markets, since a cross-border payments business is only as expandable as its permissions allow.
Frequently asked questions
Can I buy secondary shares in Airwallex?
Retail investors generally cannot buy shares directly. Access typically runs through accredited-investor marketplaces, employee tender programs, or funds that have already built a position β and is subject to the companyβs transfer restrictions and rights of first refusal.
Why did Airwallex's valuation trade flat versus its last round?
Airwallex ran $150M of secondary transfers inside its Series F, marked flat against the round rather than a standalone re-pricing β a routine liquidity event bundled into new capital, similar to how several US companies in the network use primary rounds to fund secondaries.
Does a secondary tranche in a funding round dilute existing shareholders?
The secondary portion does not β those shares already exist and simply change hands. Only the primary portion issues new shares and dilutes the register.
Why do investors buy employee shares rather than new shares?
In a company they want exposure to, buying existing stock may be the only way in at the size they want, and common stock can be cheaper than the preferred shares issued in the round.
Is the valuation on this page an official company valuation?
No. Secondary marks reflect the price a buyer and seller agreed on (or are discussing) in a specific transaction, not a valuation the company itself set. They are a useful demand signal, not an audited or company-endorsed figure.