Australian cross-border payments startup Airwallex has raised $100m in a series C funding round led by DST Global. The financing fetches unicorn status for the firm, which is now valued at more than $1bn.

Sequoia Capital China, Tencent, Hillhouse Capital, Gobi Partners, Horizons Ventures and Square Peg Capital joined the round.

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Airwallex intends to use the funds to boost its international collection and payment products. The startup is also planning to expand into the US, UK and Southeast Asia.

Founded in 2015, the firm provides a solution enabling businesses to make payments and transfer money on a global scale.

Airwallex solution enables customers to instantly create global accounts using local bank information and explore interbank exchange rates. Users can send money via both domestic and international clearing networks to more than 130 countries.

Its client network includes MasterCard, JD.com, Tencent and Ctrip.

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Airwallex CEO and co-founder Jack Zhang said: “We started Airwallex because we knew there was a better way to make global payments.

“Our mission is to build a worldwide, technology-driven financial infrastructure that will help our customers – including marketplaces, online sellers and SMEs – grow their businesses globally.”

The firm said that it will continue its product development. Furthermore, the focus is on offering support to marketplaces, online sellers and small and medium-sized enterprises (SMEs).

DST Global managing partner Tom Stafford said: “The growing eCommerce industry needs a technology-focused payments network that is reliable, cost-effective and provides data transparency.

“Airwallex has built such a network. We are excited to partner with Jack and the team as they continue to grow their business.”