PAYMENT platform startup Airwallex has acquired an online payment business license in China after completing a deal for information services and logistics firm Guangzhou Shang Wu Tong Network Technology Co.

The transaction has cleared all regulatory hurdles with Chinese authorities, according to a statement Tuesday. Guangzhou Shang Wu Tong has a license for online payment services in the world’s second-largest economy, the statement shows.

The deal allows Airwallex to become a third-party payment provider in China and boost access to the local market. The latest approval adds to Airwallex’s existing licenses in markets including Australia and New Zealand, Europe, Singapore, Britain and the United States.

“To better address the pain points encountered in cross-border transactions between China and the rest of the world, our team will work towards integrating our platform,” Kai Wu, the firm’s chief revenue officer and general manager of Asia Pacific, said in the statement.

Airwallex in December raised US$100 million in an extension of its series E funding round while keeping its previous valuation at US$5.5 billion amid market volatility. Australian industry superannuation fund HostPlus and a North American pension fund participated in the extension along with existing investors, including Tencent Holdings Ltd.

Founded in 2015 by the owners of a coffee shop in Australia, Airwallex provides services including cross-border end-to-end payments and collection solutions for customers. (SD-Agencies)