Airwallex, funded by Tencent, has obtained a Chinese e-payment licence.

(Reuters) – Airwallex, an Australian fintech startup, said on Tuesday that it has acquired Chinese company Guangzhou Shang Wu Tong Network Technologies in order to get an online payment business licence in China.

The Tencent-backed company also announced that it has become a third-party payment provider in China, giving it broader access to the domestic market.

“Our team will work towards integrating our platform to better solve the pain points experienced in cross-border transactions between China and the rest of the globe,” said Kai Wu, Airwallex’s chief revenue officer and general manager of APAC.

Airwallex, which enables users to generate and pay worldwide invoices and bills through its payments network, obtained a $100 million fundraising round extension last year, maintaining its $5.5 billion value.

The new licence complements the company’s current licences in significant areas such as Australia, the United Kingdom, and the United States.