在多位创投业内人士看来，在当前全球贸易环境出现大变局的趋势下，创投机构依然加码跨境支付 赛道的投资，需要勇气与决心。毕竟，过去数年跨境支付行业之所以保持快速增长，很大程度得益 于贸易全球化与跨境电商产业迅猛发展。如今，随着美国出台对等关税政策，加之西方国家着手对 小额包裹加征关税，或令跨境电商与全球贸易发展面临新的不确定性，无形间冲击跨境支付产业发 展前景。 作为一家长期关注跨境支付赛道的美国创投机构合伙人，王勇对此有着不同见解。 他向记者透露，当前欧美创投机构与养老基金之所以继续加码跨境支付赛道股权投资，有着新的投 资逻辑。一是在新的全球贸易格局下，全球各国都将关注本地制造业发展，令当地本土企业商品贸 易"出海"需求激增，将给跨境支付赛道带来新的增长潜力；二是现有的传统银行服务未必能满足很 多国家本土企业跨境电商出海所需的"碎片化、高频化、小额化"跨境支付要求，这意味着新的全球 跨境支付金融基础设施建设将加快，给跨境支付企业带来新的弯道超车机会；三是AI大模型对跨 境支付生态的变革，将令擅于应用AI大模型的跨境支付企业构筑更强的产品服务壁垒与用户服务 粘性，令后者在AI大模型时代有望脱颖而出。 Airwal ...

Core Insights - Despite the impact of US tariff policies on global trade, venture capital firms continue to invest robustly in the cross-border payment sector, exemplified by Airwallex's recent $300 million Series F funding round [2][3] - The changing global trade landscape is expected to increase demand for local enterprises to expand internationally, presenting new growth opportunities for cross-border payment companies [3][6] - Traditional banking services are often inadequate for the fragmented, high-frequency, and small-value cross-border payment needs of local businesses, indicating a need for new financial infrastructure [3][6] Investment Trends - Venture capital firms are optimistic about the cross-border payment sector due to the increasing demand from local businesses for international trade solutions [3][6] - Airwallex's valuation reached $6.2 billion following a revenue increase of 90% year-over-year, with projected annual revenue of $1 billion for the current year [4][5] - The focus on financial performance is becoming crucial for venture capital firms when considering investments in cross-border payment companies [5] Technological Advancements - The integration of AI technology is seen as a transformative factor for cross-border payment ecosystems, enhancing operational efficiency and risk management [11][12] - Airwallex has implemented AI-driven solutions to improve customer onboarding processes and operational accuracy, significantly reducing manual work [12][13] - The concept of "AI Agentic Finance" is emerging, where AI could take on roles traditionally held by financial professionals, potentially increasing the competitive edge of cross-border payment firms [13] Market Dynamics - The global trend of local enterprises seeking to expand internationally is expected to accelerate the development of new cross-border payment infrastructures [6][9] - Domestic cross-border payment companies are actively pursuing local payment licenses in various countries to enhance their service capabilities [10] - The competitive landscape in the cross-border payment sector is intensifying, necessitating companies to identify new revenue growth points to stand out [8][11]

Core Insights - Airwallex has successfully completed a $300 million Series F funding round led by Square Peg, with participation from DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, and several established pension funds. Visa Ventures also joined as a strategic investor [2]. Company Overview - Airwallex is a leading global payment and financial platform that provides modern enterprises with global payment, financial management, expense control, and embedded financial solutions. The company utilizes its self-built global financial service infrastructure to address various frictions and inconveniences in global payments and financial operations, enabling businesses of all sizes to seize new global opportunities and achieve borderless growth. Its core services include global business accounts, global acquiring, global spend management, and platform APIs, with a technological advantage that allows clients to instantly generate local accounts in over 60 countries and conduct fund transfers in more than 150 countries, significantly surpassing traditional banks in speed and efficiency [3]. Funding Utilization - The funding will assist Airwallex in further expanding its global financial service infrastructure and continuously optimizing its software platform to support businesses in achieving borderless growth. The CEO, Jack Zhang, emphasized that this financing marks a significant step in reshaping the global financial system and empowering businesses of all sizes for globalization. The funds will be used to accelerate business expansion in regions such as the Americas, Europe, the Middle East and Africa, and Latin America, while also enhancing technology and service capabilities to provide more efficient and convenient global financial services [4]. Investment Rationale - Square Peg's founder noted that Airwallex is experiencing rapid business growth, with a compound annual growth rate of over 250% in gross profit in both the Americas and Europe, the Middle East, and Africa. The company has built a robust global financial service infrastructure through direct integration with local clearing systems and card networks, along with one of the most comprehensive licensing arrangements in the fintech sector. There is confidence in Airwallex's team's exceptional execution and innovation capabilities to continue leading transformation in the global payment and financial sector, creating substantial returns for investors [4]. Market Perspective - The recent funding round for Airwallex is viewed as a significant event in the global fintech sector, reflecting the market's high recognition of its business model and technological strength. The urgent demand for digital transformation in the global payment and financial markets, coupled with supportive government policies promoting fintech innovation and development, positions Airwallex to stand out in this trend and set new benchmarks for the industry. For venture capital institutions, investing in Airwallex is not only an acknowledgment of its technological strength and market potential but also a strategic move to capitalize on the global fintech development trend. This funding represents a crucial milestone for Airwallex, providing strong support for further business expansion and competitiveness [5].