Airwallex acquires Paynuri Co Ltd in South Korea, gaining local payment licenses and a foreign-exchange business registration to operate directly in the country. The acquisition follows a December funding round valuing Airwallex at $8 billion. Plans to launch global business accounts in South Korea in 2026. Aims to build a team of 20 by end-2026.

The acquisition provides Airwallex with Payment Gateway and Prepaid Electronic Payment Instrument licenses in South Korea. Financial terms were not disclosed. Co-founder Lucy Liu stated the milestone allows direct operations in the country without third-party intermediaries. The company aims to launch spend-management tools and expand its financial platform globally.

Arnold Chan, Airwallex’s general manager for Asia-Pacific, sees opportunities in South Korea’s growing ecommerce, creative, and entertainment sectors. The company’s December funding round valued it at $8 billion, a 30% increase from the previous round. Airwallex plans to focus on strengthening its global network and scaling AI-driven solutions before considering listing plans.

Airwallex reported $1.2 billion in annualized revenue and $266 billion in annualized transaction volume in December. Co-headquartered in San Francisco and Singapore, the company is backed by investors like Tencent and DST Global. New investors from the recent funding round include Addition, T. Rowe Price Inc, and Robinhood Ventures.

Read more at Yahoo Finance: Fintech Airwallex buys South Korea’s Paynuri in Asia expansion