Lucy Liu (Airwallex): 10 Key Things You Must Know

Overview

Lucy Liu is the co-founder and president of Airwallex, a groundbreaking fintech company that specializes in simplifying international payments and financial services for businesses. Founded in 2015 in Melbourne by a group of university friends including Lucy Liu, Jack Zhang, and Max Li, Airwallex has quickly risen to prominence as a global payments and financial platform, competing with and surpassing many traditional banking systems. With a firm vision to redefine global finance using cutting-edge technology, Liu has played an integral role not only as an investor but as an operational leader driving the company's strategy, growth, and global expansion. This article explores her journey, the company’s development, recent valuations, co-founders, and challenges faced along the way.

1. Early Life and Background of Lucy Liu (Airwallex)

Lucy Liu was born in Northern China in 1990 and spent part of her youth in Shanghai before emigrating to New Zealand at the age of 12. She later moved to Australia, where she attended the University of Melbourne and earned a Master's degree in Finance along with a Bachelor’s in Commerce. Before co-founding Airwallex, Liu worked as an investment consultant for China International Capital Corporation (CICC) in Shanghai and held roles in investment and consulting. She also leveraged early investment successes in public markets to build financial confidence before taking a leap into entrepreneurship.

2. The Founding of Airwallex and Liu’s Role

In 2015, Lucy Liu met her future co-founders Jack Zhang and Max Li over dinner in Melbourne. They discussed frustrations over the inefficiencies and high costs of cross-border payments and envisioned a fintech platform that could revolutionize international business finance. Liu offered an initial $1 million investment—double what was requested—and soon became a co-founder. Initially acting as Chief Operating Officer, she took responsibility for operations and branding, later becoming Airwallex’s president in 2018, playing a key role in building the company from an angel investment into a multi-billion-dollar unicorn.

3. Airwallex’s Business Model and Key Features

Airwallex provides a proprietary global financial infrastructure that allows businesses to make international payments quickly, transparently, and at cheaper rates than traditional banking systems like SWIFT. Their platform enables companies to operate multi-currency accounts, make payments, manage expenses with corporate cards, and embed financial services via APIs. Airwallex’s focus on replacing legacy systems with technology makes it attractive for companies scaling globally, enabling cross-border transactions in more than 150 countries and local accounts in over 60 currencies.

4. Growth, Valuation, and Funding Highlights

Airwallex's growth has been explosive, reaching annualized revenues of $720 million with a global payment volume exceeding $130 billion as of early 2025. The company has raised over $1.2 billion to date through multiple funding rounds from prominent investors including Tencent, Sequoia Capital, DST Global, Square Peg, Blackbird Ventures, and Salesforce Ventures. In May 2025, Airwallex completed a $300 million Series F funding round, which valued the company at $6.2 billion. By mid-2025, the valuation was reported at approximately $9.6 billion, propelling Airwallex to decacorn status and cementing its position as one of Australia’s leading fintech exports.

5. Insights into Airwallex Co-Founders: Jack Zhang and Max Li

Jack Zhang, the CEO, brings a strong technical and entrepreneurial background and was pivotal in solving the problem of cross-border payment inefficiencies. Max Li, the head of design, contributes his expertise in architecture and product design, having transitioned from running a coffee business to leading product design efforts at Airwallex. Alongside Liu, the founding team combines diverse skills—finance, engineering, design, and strategy—that complement each other and have been crucial to Airwallex’s success.

6. The Vision for the Future of Global Finance

Lucy Liu and her co-founders envision Airwallex becoming the "AWS of fintech," a foundational platform powering global commerce by seamlessly integrating financial operations into businesses worldwide. They anticipate disrupting traditional banking with cloud-native technology, advanced AI for fraud detection and financial automation, and expanding embedded finance capabilities. Airwallex plans to deepen its footprint in markets like the US, Europe, Latin America, and Asia, while innovating new financial products such as AI-powered virtual CFO tools and global billing platforms.

7. Lucy Liu’s Leadership and Impact as a Female Entrepreneur

Lucy Liu stands out as one of the few women leading a multi-billion-dollar fintech company globally. Despite challenges related to youth and gender in a male-dominated fintech industry, she emerged with resilience and a pragmatism that guides Airwallex’s growth. Liu actively mentors emerging entrepreneurs and promotes diversity in tech. She has received numerous accolades, including Forbes Asia’s Top 25 Power Businesswomen and the University of Melbourne’s Rising Star award for young alumni.

8. Personal Life and Relationships

Details about Liu’s personal life, such as her marital status, remain private and not publicly disclosed. Earlier reports misidentified her husband as Max Li, a co-founder of Airwallex, but this has been corrected. Liu is known to keep her private life discreet, focusing public attention on her professional accomplishments and the company’s success.

9. Airwallex’s Challenges and Strategic Responses

Like many fast-growing startups, Airwallex has faced challenges including near-financial crises, international expansion hurdles, regulatory complexities, and the need for continual innovation. The company has navigated these by pivoting its product focus, raising capital globally beyond Australia, and emphasizing regulatory compliance worldwide. The team recognizes the need for balancing aggressive growth with operational discipline, hiring effectively, and evolving its product portfolio.

10. Airwallex’s Position in the Fintech Ecosystem and Market Outlook

Airwallex competes with established players like Stripe but differentiates itself through its infrastructure-first model enabling faster, cheaper, and more transparent cross-border payments. It’s expanding into full-stack financial services including corporate cards, embedded finance, and billing management. The global cross-border payment market is on track to grow significantly, and Airwallex’s comprehensive licensing, technological moat, and strategic partnerships position it for long-term leadership. The company continues to innovate with AI tools and acquisitions in Latin America and Asia-Pacific, gearing up for a potential IPO to scale globally.

Conclusion

Lucy Liu’s journey from a finance graduate and investment consultant to co-founding and leading Airwallex reflects a blend of vision, courage, and operational savvy. Under her leadership, Airwallex has evolved from a bold startup idea into a multi-billion-dollar fintech powerhouse, reshaping the global financial landscape. With facedown challenges and sustained innovation, Liu and her co-founders strive to build a borderless, technology-driven global economy. As Airwallex progresses toward further expansion and technological breakthroughs, it poses an exciting question for the future: How will fintech leaders like Liu continue to redefine the boundaries of global finance in an increasingly interconnected world?