Jack Zhang, at 34, was leading a startup and meeting with Sequoia’s Michael Moritz in Silicon Valley, who proposed selling to Stripe for $1.2 billion. Despite a compelling revenue multiple and support for the deal, Zhang hesitated, driven by his entrepreneurial vision for Airwallex. After consulting co-founders and reflecting on their mission to build global financial infrastructure, Zhang declined the offer.
Airwallex’s remarkable growth validates this decision, now boasting over $1.3 billion in annualized revenue and handling nearly $300 billion in transactions. Zhang’s journey began in Qingdao, China, overcoming financial challenges and various jobs to fund his computer science degree. His path included starting businesses and exploring global payment systems, leading to Airwallex, which now holds extensive financial licenses, surpassing competitors like Stripe.
Zhang believes in owning infrastructure, not relying on others, providing competitive advantages. As Airwallex expands into the U.S., the brand must appeal to engineers and developers. While Sequoia and Greenoaks Capital invest in both Stripe and Airwallex, Zhang sees vast market potential.
While Airwallex’s valuation lags behind Stripe, its rapid growth suggests closing the gap. Looking ahead, Zhang targets a million customers and $20 billion in revenue by 2030, leveraging a decade of financial data to offer AI-driven finance products. As competition with Stripe intensifies, Zhang remains focused on long-term goals.
