Airwallex aims for IPO readiness by year-end but timing uncertain, president says

Airwallex president Lucy Liu said the payments firm intends to be IPO-ready by the end of 2026, but added that market conditions are not ideal for a public offering. The company, which has raised over $650 million in recent rounds, serves more than 675,000 businesses and claims over $1 billion in annualized revenue. Liu noted that investors are favoring later-stage companies with proven track records, and Airwallex is focusing on expanding into agentic commerce and automated bookkeeping.

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Airwallex has been building a substantial capital buffer while delaying its public debut, raising $330 million in December and another $320 million in June. That funding supports expansion into Mexico, South Korea, Brazil, and the U.S., along with new initiatives in agentic commerce and automated bookkeeping. The company also relocated its headquarters from Australia to Singapore and San Francisco to better position itself for American growth.

The firm faces political scrutiny in the U.S., where venture capitalist Keith Rabois and Senator Tom Cotton have raised concerns about data security and China ties, prompting calls for a CFIUS investigation. Airwallex has denied these claims, citing third-party audits and restrictions preventing China-based staff from accessing U.S. data. The company's ability to wait is evident, but history shows delays carry