Airwallex, the Australian-born payments company, plans to be IPO-ready by the end of the year but is postponing its IPO due to unfavorable market conditions. The firm serves over 675,000 businesses and generates over $1 billion in annualized run rate revenue, having raised $330 million in December and $320 million in June. It moved its headquarters from Australia to Singapore and San Francisco to support its expansion into the U.S. market. The company faces controversy over alleged Chinese ties, which it strongly denies. It has chosen to delay its public listing rather than risk a reduced valuation, as demonstrated by Shein’s 75% valuation haircut.
Source: Read the original article
