Fintech Airwallex buys South Korea's Paynuri in Asia expansion

Core Insights - Airwallex has acquired South Korea's Paynuri Co Ltd, enabling direct operations in the country and enhancing its presence in Asia [1][2] - The acquisition provides Airwallex with essential local payment licenses and a foreign exchange business registration [2] - The company plans to launch global business accounts and payment acquiring operations in South Korea by 2026, with a goal of building a team of around 20 employees [3] Financial Overview - Airwallex was valued at $8 billion following a funding round in December, representing a 30% increase from the previous valuation [4] - The company reported an annualized revenue of $1.2 billion and an annualized transaction volume of $266 billion as of December [5] Strategic Goals - The acquisition is seen as a pivotal milestone for Airwallex in expanding its global financial platform [3] - The company aims to strengthen its global network and scale AI-driven solutions, while evaluating future capital strategies [5] - South Korea's growing ecommerce, creative, and entertainment sectors present opportunities for Airwallex to support Korean businesses in international markets [4]