Airwallex has raised new funding at an approximate valuation of $12 billion in a round led by Lee Fixel’s Addition, representing a 50% increase from its previous valuation of $8 billion. The company has successfully grown its annual recurring revenue to $1.5 billion from $1 billion as of October, while processing around $100 billion in payments for over 40,000 businesses through its U.S. unit.

Summary of transaction details:

• Deal Type: Funding Round
• Transaction Amount: $12,000,000,000
• Annual Recurring Revenue: $1,500,000,000
• Previous Valuation: $8,000,000,000
• Payment Processing Volume: $100,000,000,000
• Number of Businesses Served: 40,000

Founded by Jack Zhang, Max Li, Lucy Liu, Xijing Dai, and Ki-lok Wong, Airwallex is headquartered in San Francisco, California. The current leadership is focused on expanding the company’s offerings beyond cross-border transactions into spend management, billing, and business accounting, aiming to build a business "superapp." The company is reportedly exploring a U.K. banking license while facing scrutiny over its Chinese operations. CEO Jack Zhang indicated that there are no current plans for an IPO.