Airwallex

Global payments and financial infrastructure platform enabling businesses to collect, hold, convert, and send money in 150+ currencies without traditional bank mark-ups. Series E2 at $5.5B (Nov 2022, Lone Pine Capital); revenue ~$300M as 100,000+ businesses use Airwallex APIs and embedded finance products. Acquired Payoneer competitor status after launching multi-currency accounts for freelancers and SMBs.

Fintech🇦🇺 AustraliaFounded 2015RSU equityairwallex.com ↗

Compare ⇄Calculate →

Reviewed May 24, 2026 (2d ago)

Current estimate

4 methods · May 24, 2026Medium confidence (36%)

$5.7B

range $1.8B – $9.6B⚠ methods disagree (5.3× spread)

Implied per-share: $27.1 · vs last primary +3%

This estimate reflects what informed investors are paying on secondary markets like Hiive and Forge — not the 409A valuation on your grant letter.

Last primary round

$5.5B

Series E2 · 42mo ago

Secondary signal

$5.9B

Forge · 2026-04+7%

Sourced from Forge/Hiive public data. Full order books require a paid subscription; figures shown are best-effort from public disclosures.

Headcount

1,600

employees · LinkedIn+14%

LinkedIn count — directional proxy only. Historical figure sourced via Wayback Machine; treat ±15% as normal variance.

Revenue (est.)

$300M

annual run rate · est.

Complete company data

Every input we use, where we got it from, and how much we trust it.

Field	Value	Source	Confidence
Company fundamentals
Sector	Fintech	Editorial classification	high
Headquarters	🇦🇺 Australia	Company website · Crunchbase	high
Founded	2015	Company website · Wikipedia	high
Website	airwallex.com	Direct	high
Latest primary round
Post-money valuation	$5.5B	Bloomberg Nov 2022	high
Round name	Series E2	Bloomberg Nov 2022	high
Date	2022-11-17 (42 months ago)	Bloomberg Nov 2022	high
Lead investor	Lone Pine Capital	Bloomberg Nov 2022	high
Amount raised	$100M	Bloomberg Nov 2022	medium
Capitalization
Total fully-diluted shares	210M	SEC Form D · secondary price math · cap-table leaks › notes Public total fully-diluted share count: estimated from SEC Form D filings, secondary-market pricing math (implied valuation ÷ price per share), and leaked cap-table summaries. Considered the lowest-confidence input.	low
Implied share price (latest primary)	$27	Valuation × 1000 / share count (= $5.5B ÷ 210M)	medium
Primary equity type granted	RSU	Public reports of company equity practices	high
Financials
Annual revenue (est.)	$300M	Sacra · The Information · press leaks › notes Annual revenue: best public estimates from Sacra, The Information, WSJ leaks, or company-stated ARR. Where official, we cite the source on the funding round.	medium
EV / Revenue (implied)	18.3x	Computed from valuation ÷ revenue	medium
Headcount
Employees (now)	1,600	LinkedIn — current company page count › notes Headcount: LinkedIn 'Company' page employee count, taken now and approximately 12 months ago via the Wayback Machine. Treat as a directional proxy for revenue growth, not a hard number.	medium
Employees (12 months ago)	1,400	LinkedIn via Wayback Machine	medium
12-month headcount growth	+14%	Computed	medium
Methodology inputs
Sector ETF proxy	FINX	Editorial choice — most representative public ETF › notes Sector ETF: editorial choice of the most representative public-market proxy. Annual return: 3-year trailing average from Yahoo Finance, refreshed quarterly.	medium
ETF annual return (trailing 3-yr)	7%	Yahoo Finance · refreshed quarterly	medium

Funding history

Primary rounds reported in Bloomberg, WSJ, TechCrunch, Reuters, or SEC Form D filings (efts.sec.gov). Linked per round below.

Valuation progression (equity rounds)

Valuation progression · equity rounds

$5.5Blatest · Series E2

Total growth

55×

Our estimate

$5.7B

Primary round

Down round

Our estimate

Series E2+0%2022-11-17

$5.5B

Led by Lone Pine Capital · raised $100M

Source: Bloomberg Nov 2022

Series E+112%2021-11-05

$5.5B

Led by Lone Pine Capital · raised $200M

Source: TechCrunch Nov 2021

Series D+160%2021-04-14

$2.6B

Led by DST Global · raised $200M

Source: TechCrunch Apr 2021

Series C+900%2019-04-16

$1.0B

Led by Tencent Holdings · raised $100M

Source: TechCrunch Apr 2019

Series B2018-07-01

$0.1B

Led by Tencent Holdings · raised $13M

Source: Crunchbase

Secondary market signals

Secondary market signals: bid/ask/trade indications from Hiive (hiive.com), Forge Global, Caplight Index, and tender prices reported in the press.

Implied valuation over time

Implied valuation · secondary market

$5.9B+28% vs first recorded

Trade

Bid

⚠

Forge and Hiive publish aggregated market data publicly, but full order books, individual bids/asks, and confirmed trade prices require a paid account. The figures below are sourced from their public summaries, press-reported tender prices, and SEC disclosures. They represent the best publicly available signal — not a guaranteed executable price.

Date	Type	Source	Price / share	Implied valuation
2026-04-12	trade	Forge	$28	$5.9B
2025-09-22	bid	Hiive	$25	$5.3B
2025-04-10	trade	Forge	$22	$4.6B

View live indications: Hiive ↗ · SEC Form D filings ↗

Public peer comparables

Public peer comparables: editorial selection of public companies with the closest business model. EV/Revenue and growth from public 10-Q filings and Bloomberg, refreshed quarterly.

Ticker	Company	EV / Revenue	Revenue growth	As of
GPN	Global Payments Inc.	2.26x	+63%	2026-05-20
MA	Mastercard Incorporated	12.98x	+16%	2026-05-20
NU	Nu Holdings Ltd.	8.15x	+44%	2026-05-20
SOFI	SoFi Technologies, Inc.	5.13x	+43%	2026-05-24
V	Visa Inc.	14.54x	+17%	2026-05-20

Confidence breakdown

How much we trust each of the four valuation methods for this specific company, and why.

Method A — Peer-multiple

weight 25%→ $1.4B23% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

Growth-weighted peer EV/Revenue: 6.4x → 25% private-company discount → 4.8x on $300M revenue. Output implies less than half the recent market anchor ($6B) — this company is likely valued on optionality / non-revenue factors and Method A is structurally less reliable here.

Method B — Secondary-implied

weight 45%→ $5.6B55% confidence

Recency-weighted average of 3 secondary indications (180-day decay)

Method C — Primary time-decay

weight 20%→ $7.6B20% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

$5.5B round (2022-11-17) × 3.27× growth × 0.85× multiple decay over 3.5 years — capped at 1.3× recent secondary ($5.9B → $7.6B)

Method D — Sector momentum

weight 10%→ $7.1B10% confidence

↳ Effectively excluded from the blend — this method is structurally unreliable for this company.

$5.5B × (1 + 7% p.j.)^3.5yr = $7.1B via FINX ETF-proxy

Overall confidence

36%

Weighted average of the four methods. Above 65% is high, 40–65% medium, below 40% low.

Medium

Worked example for an employee

A concrete walk-through using a hypothetical employee profile. Same engine the calculator uses — try it with your real numbers.

Profile: a hypothetical employee who joined Airwallex 24 months ago (2024-05-26) with 2,000 units, on the standard 4-year vesting schedule with a 1-year cliff.

Vesting

1,000 of 2,000

50% vested at month 24

Implied share price (mid)

$27

weighted average of 4 methods

Gross vested value

$27,060

vested shares × implied price

Net value

$27,060

no strike, gross = net

Tax (rough)

$3,015

US federal only · AMT risk: low

What if the next round is…

Up round +30%

$30,589

New round at +30% valuation, 15% new shares issued

Down round −30%

$15,785

New round at −30% valuation, 20% new shares (higher dilution in distress)

Secondary today

$23,001

Sale on the secondary market at the typical 15% discount to the mid estimate

These numbers come from the same engine as the live calculator. Walk through with your own grant: use your real numbers →

Transparent assumptions

What we assumed where exact data isn't available. If any of these don't match your situation, the numbers above will be off.

Fully-diluted share count

210M shares

We don't have authoritative cap-table access for private companies. The number above is reconstructed from SEC Form D filings, secondary-market price-vs-valuation math, and leaked share-class summaries. Actual fully-diluted count (including unvested option pool and SAFEs) may differ by 5–15%.

Common-stock waterfall

1.0× to common

We assume a clean common-stock outcome — i.e. preferred-share liquidation preferences and ratchets do not extract value before common. In a down-exit, this assumption can be very wrong: preferred stack can take 30–70% of proceeds.

Private-company illiquidity discount

25% off public peers

Applied to Method A (peer-multiple). Per-company because category leaders with deep secondary markets and a clear IPO path warrant a smaller discount than early-stage names. The literature range is 10–35%; for Airwallex we use 25% based on secondary-market depth, valuation history, and proximity to liquidity.

Revenue growth assumption (Method C)

40% YoY

Compounded forward from the last primary date to today to estimate the company's value drift. Set per-company based on disclosed or reported ARR trajectory. Method C is further capped at 1.3× the most recent secondary trade (if any) to stop runaway extrapolation when revenue growth outpaces what the market is actually paying.

Sector ETF momentum (Method D)

FINX @ 7%/year

Method D applies the trailing return of FINX as a market-proxy adjustment to the primary valuation. Crude — meant as a tiebreaker when peer and secondary data conflict, not as a primary signal.

Outlier auto-downweight

Methods >50% from median get ½ weight

Robust-statistics safety net: any method whose output strays more than 50% from the median of the other three methods has its confidence weight halved when computing the blended mid-point. Prevents a single bad extrapolation from dragging the headline.

Recency decay for secondary trades

180-day half-life (e⁻ᵈ/¹⁸⁰)

A trade from 30 days ago counts ~5× more than one from 180 days ago. Tunable; some platforms use shorter half-lives.

Tax estimate

US federal only, single filer

Uses 2024 US federal brackets, ignoring state tax, NIIT, AMT credit recovery, and any other deductions. Treat as a directional sanity check, not a tax bill.

All data from public sources. Not investment, tax, or legal advice. Not affiliated with Airwallex. Last refreshed manually — see methodology for our update cadence.