Airwallex, a Singapore-headquartered cross-border business payments services provider, is working with Goldman Sachs to raise at least USD 250m to fuel expansion, according to two sources familiar with the situation.

The fundraising exercise, which will mark Airwallex’s first equity capital raise in two years, has been marketed with the company’s valuation of USD 6bn, which is only slightly higher than the USD 5.6bn valuation it secured in late 2022, the two sources said.

Existing shareholders will lead the funding exercise and may contribute at least half of the proceeds, the first source said, without elaborating.

A group of 5-6 institutions have been shortlisted to come aboard as new investors, but a final list has not been confirmed, the first source said.

The Hong Kong- and Melbourne-based fintech unicorn hopes to conclude the fundraise before the end of the first half of this year, the first source said.

The company was negotiating a USD 200m financing round and hoped to close the deal before the end of 2024, according to a newswire report in October 2024.

Airwallex closed its USD 100m Series E extension round with a USD 5.6bn valuation in October 2022, according to a company announcement.

Square Peg, Salesforce Ventures, Lone Pine Capital, Hermitage Capital, 1835i Ventures and Tencent [HKG:0700] are among its existing backers, according to the same announcement.

Airwallex has raised USD 902m since its inception in 2015, according to its website.

The company mainly provides domestic and international business accounts and operates an online platform for businesses to make and accept payments and manage multi-currency funds.

Airwallex and Goldman Sachs did not respond to requests for comment.