Co-lead partner Daniel Atkin calls this one of Australia's largest capital raises this year
K&L Gates LLP, a global law firm, has confirmed that it assisted Australian venture capital firm Square Peg as the lead investor in global fintech company Airwallex’s Series F capital raise valued at US$300m.
The capital raise provided that Airwallex was worth US$6.2bn, according to a news release from K&L Gates. The firm noted the involvement of current shareholders such as Lone Pine Capital, Tencent, and DST Global and new investors Blackbird Ventures, Airtree Ventures, Radar Ventures, R136 Ventures, and Athletic Ventures in the fundraising round.
In its news release, the firm explained that Airwallex provides financial services aiming to simplify the process for businesses to make cross-border payments.
K&L Gates shared that Square Peg, a long-term client of the firm, has invested in Airwallex numerous times, beginning in 2017. The firm has previously advised Square Peg on domestic and international venture capital investments.
K&L Gates said Daniel Atkin and Simon Leslie, Sydney-based partners, led the firm’s corporate team that handled this matter.
Atkin – a corporate lawyer and a co-practice group coordinator of the firm’s global corporate/M&A team – focuses on mergers and acquisitions and private equity/venture capital transactions, according to his profile on the firm’s website.
Atkin handles the full cycle of investment work, including initial acquisitions/investments, bolt-on acquisitions, restructurings, contracting arrangements, employee incentive plans, and ultimate exits. His clients include domestic and international large corporates, private equity, venture capital and corporate venture funds, and emerging companies.
“This will be one of Australia’s largest capital raises this year,” Atkin said in the firm’s news release. “We are proud to have acted for Square Peg as the lead investor and wish Airwallex great success as it continues to grow its business.”
Leslie, a partner in the firm’s corporate group, deals with venture capital investments, corporate financings, M&A, and general corporate advisory work. He works with emerging and growth companies and their investors, according to his firm bio.
Leslie’s bio also provides that he advises clients on the complete cycle of investment matters, including initial investments, exits, bolt-on acquisitions, restructurings, corporate governance, and employee incentive plans.
K&L Gates noted that Emanuel Penklis, senior associate, provided support in this transaction. Daniel Knight, Melbourne-based partner, assisted in the matter’s regulatory aspects. Partners in the firm’s San Francisco and New York offices advised on US securities law aspects, while lawyers in the firm’s Hong Kong office helped with specific corporate issues.
