Airwallex expands into South Korea with Paynuri acquisition and licenses

Fintech company Airwallex, which was founded in Australia AU, has completed its acquisition of Paynuri Co Ltd in South Korea KR. This strategic move allows the firm to secure several key local credentials, including a Payment Gateway license, a Prepaid Electronic Payment Instrument license, and a Foreign Exchange Business registration. By obtaining these licenses, Airwallex can move away from its previous model of relying on third-party intermediaries to provide direct payment services within the country.

The acquisition follows a significant December funding round that valued the company at $8 billion, representing approximately a 30 percent increase from its previous valuation. During that same month, the firm reached $1.2 billion in annualized revenue and $266 billion in annualized transaction volume. Airwallex, which is co-headquartered in San Francisco in the United States USand Singapore SG, serves more than 200,000 companies globally across 26 offices through its AI-driven platform.