Airwallex-backed start-up raises nearly $50m in seed round
Metal, co-founded by Loong Wang and Catherine Porter, completed a roughly $50 million seed round with Airwallex and its venture arm Capital 49 as joint leads, per new filings.
Startup · $3.6b raised
Fintech payments and financial infrastructure company
San Francisco, OS
Every published round Airwallex took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted, and a place in one of its own programs is under Cohorts.
| Company | Stage | Announced | Amount | Role | Alongside | Sources |
|---|---|---|---|---|---|---|
| University of Melbourne | Grant | 30 Aug 2026 | $4.8m | Participant | RenewEconomy, ARENA, Fintech News Australia | |
| Metal | Seed | Jun 2026 | ~$50m | Lead | Fintech News Australia, AFR Technology | |
| Drone-Hand | Grant | 14 Mar 2025 | $10k | Lead | Startup Daily, Australian FinTech | |
| Chocolate on Purpose | Grant | 14 Mar 2025 | $10k | Lead | Startup Daily, Australian FinTech |
Everyone Airwallex has named to a program in published coverage. A place in a program is not a raise: the cheque is the figure recorded with the place, which is the program's standard terms where we hold them, and a blank is one we don't.
Companies Airwallex has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| University of Melbourne | University operating the Melbourne Connect innovation precinct | 30 Aug 2026, Grant | 1 | 0 |
| AXIOMS | 28 Aug 2026, Accelerator | 1 | 1 | |
| Blank Robotics | 28 Aug 2026, Accelerator | 1 | 1 | |
| Dreamscale Labs | 28 Aug 2026, Accelerator | 1 | 1 | |
| Forward | Forward sources borrowers globally, structures their documents, and matches them to the b… | 28 Aug 2026, Accelerator | 1 | 1 |
| Geospan | 28 Aug 2026, Accelerator | 1 | 1 | |
| Kronus | 28 Aug 2026, Accelerator | 1 | 1 | |
| Polarbear AI | 28 Aug 2026, Accelerator | 1 | 1 | |
| SeatFinder | 28 Aug 2026, Accelerator | 1 | 1 | |
| Superstat | Melbourne-founded startup turning iPhone footage of amateur basketball games into full bo… | 28 Aug 2026, Accelerator | 1 | 1 |
| SyncPay | 28 Aug 2026, Accelerator | 1 | 1 | |
| Metal | Jun 2026, Seed | 1 | 1 | |
| Chocolate on Purpose | Chocolate business with social impact supporting Indigenous growers of native edibles | 14 Mar 2025, Grant | 1 | 1 |
| Drone-Hand | autonomous livestock management platform | 14 Mar 2025, Grant | 1 | 1 |
Fund closes reported for Airwallex, as distinct from the investments it has made.
Companies Airwallex has backed that another company then bought. An exit for the holding, not a deal Airwallex did.
| Company | Bought by | Kind | Announced | Price |
|---|---|---|---|---|
| No portfolio company of Airwallex is recorded as having been acquired. | ||||
Companies Airwallex acquired or merged with, per published coverage. Buying a company is not investing in one: nothing here counts in the deals column.
| Company | Kind | Announced | Price | Sources |
|---|---|---|---|---|
| Leapfin | Acquisition | 6 Jun 2026 | - | Australian FinTech, This Week in Australian Startups |
| OpenPay | Acquisition | 4 Sep 2025 | - | Forbes Australia, Australian FinTech |
| CTIN Pay | Acquisition | 6 Mar 2025 | - | Fintech News Australia, Australian FinTech |
| MexPago | Acquisition | 20 Oct 2023 | - | Australian FinTech (21 May 2025), Australian FinTech (6 Mar 2025), Australian FinTech (20 Oct 2023) |
Existing Airwallex shares sold by the funds and people who held them. None of this money reached Airwallex, and none of it counts in what Airwallex raised.
| Sold by | Announced | Amount | Valuation | Bought by | Sources |
|---|---|---|---|---|---|
| 22 May 2025 | $150m | - | Crunchbase News, Women's Agenda, Australian FinTech, Forbes Australia |
Every investor coverage indicates participated in a round Airwallex raised.
| Investor | Rounds | Invested |
|---|---|---|
| 1835i | Series D+ · Series D+ · Series D+ | - |
| Activant | Series D+ | - |
| Addition | Series D+ · Series D+ | - |
| AirTree Ventures | Series D+ · Series D+ · Series D+ · Series D+ | - |
| Amex | Series D+ · Series D+ | - |
| Baillie Gifford | Series D+ · Series D+ | - |
| Blackbird Ventures | Series D+ · Series D+ · Series D+ | $120,000,000 |
| DST Global | Series D+ · Series D+ · Series D+ · Series C | - |
| Grok Ventures | Series D+ | - |
| Haun Ventures | Series D+ · Series D+ | - |
| Hedosophia | Series D+ · Series D+ | - |
| Hermitage Capital | Series D+ | - |
| Hostplus | Series D+ · Series D+ · Series D+ · Series D+ | - |
| Hummingbird | Series D+ · Series D+ | - |
| Lingotto | Series D+ | - |
| Lone Pine Capital | Series D+ · Series D+ · Series D+ · Series D+ · Series D+ · Series D+ | - |
| New York investors | Series D+ | - |
| NGS | Series D+ · Series D+ · Series D+ | - |
| QED Investors | Series D+ · Series D+ | - |
| Robinhood Ventures | Series D+ | - |
| Salesforce Ventures | Series D+ · Series D+ · Series D+ · Series D+ | - |
| Sequoia Capital China | Series D+ | - |
| Square Peg Capital | Series D+ · Series D+ · Series D+ · Series D+ · Series D+ · Series D+ | - |
| T. Rowe Price | Series D+ · Series D+ | - |
| Tencent | Series D+ | - |
| TIAA Ventures | Series D+ | - |
| Visa Ventures | Series D+ · Series D+ | - |
| Washington University in St. Louis | Series D+ · Series D+ | - |
Investors whose own portfolio pages list Airwallex, even though we haven't found any coverage of the round yet.
| Investor | Listed on |
|---|---|
| Athletic Ventures | its portfolio page ↗ |
Stories naming Airwallex. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Metal, co-founded by Loong Wang and Catherine Porter, completed a roughly $50 million seed round with Airwallex and its venture arm Capital 49 as joint leads, per new filings.
Weekly roundup reporting Australian startup funding rounds and government grants, a venture fund close, agreed acquisitions, an IPO pricing, a collapse, plus executive hires and AI policy developments.
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Roundup of the week's Australia and New Zealand raises: Gridsight, Pearler and Apate.AI secure the biggest cheques, Drumbeat and GonGlobal add smaller sums, and ten AI startups join Airwallex's Latitude 37 program.
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Cut Through Venture's Q2 2026 report shows early-stage deal numbers at historic lows, though quarterly capital reached $1.7 billion, driven by two large rounds by Firmus and Airwallex.
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Cut Through Venture's Q2 2026 report counts $1.7 billion announced across 64 venture rounds, carried by two mega-deals, with record median deal sizes, AI concentration, and deal counts at their slowest since before 2020.
Also SmartCompany·SmartCompany
Square Peg's half-year investor letter reports two funds reaching final close, three exits including Talon.One's sale to Adyen, realisations past US$1bn, and a framework for judging AI disruption across its portfolio.
Square Peg reports 30% portfolio growth, US$1bn+ cumulative realisations, US$138m returned this half, closes two new funds, and outlines an AI disruption framework.
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Airwallex has closed a Series H valuing it at $16 billion, with Addition in the lead and eight other backers named; the piece also recalls its December Series G.
Weekly newsletter edition recaps seven funding deals worth $82.5m, reports Expert360 is seeking a buyer, covers Airwallex's new AgentOS product, notes a proposed capital gains tax break for startups, and unveils a redesign.
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Also Australian FinTech
Weekly roundup tallies five completed raises totalling $26.6m, plus Airwallex releasing a billing product, HEO approaching a Series B, Tanda hunting a private-equity backer, Firmus's ASX listing timeline slipping, and a DroneShield shareholder protest.
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Side Stage Ventures has reached a $40 million initial close on its $50 million second fund, backed by founders of earlier wins, while principal Elli Hanson steps up to partner.
Airwallex cofounder and CEO Jack Zhang announced Latitude 37, an annual program giving ten young Australian AI founders $100,000 each without taking equity, plus network access and overseas immersion; registrations are open.
Airwallex co-founder Jack Zhang recounts turning down Stripe's billion-dollar buyout, describes building a licensed global payments network, and argues the Melbourne fintech can now challenge Stripe directly.
TechCrunch profiles Airwallex's new point-of-sale offering letting businesses take payments in person across countries, pitting the Australian firm against Stripe, Square and Adyen, and recalls its rejection of Stripe's 2019 buyout bid.
LaunchVic and dealroom.co report Victorian startups raised a record $2.4 billion in 2025, driven by late-stage deals despite early-stage declines.
Payments company Airwallex has brought in a new independent chair for its Australian board and added a former New Zealand prime minister as a director; he already leads its NZ board.
Weekly digest reporting Australia Post's purchase of delivery-software firm Rendr, an $83 million sharemarket raise by 4DMedical, Reserve Bank director Elana Rubin's move to Airwallex, and an Anthropic-government memorandum.
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AirTree closes its $650m Fund V across seed and growth vehicles, backed mostly by international institutional capital, and promotes three early-career investors to Principal.
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