Airwallex CEO Jack Zhang is backing 10 Australian AI startups annually with $100,000 equity-free capital each through a new program called Latitude 37.
The program, named after Melbourne's latitude where the $6 billion fintech started in 2015, gives founders access to Airwallex's global network and immersion tours in San Francisco and Singapore. They also get direct exposure to Airwallex's AI infrastructure.
"The capital is equity-free because the first year is when ownership gets given away cheapest and protected the least. I want these founders to keep theirs," Zhang said.
Zhang is targeting a specific pain point: early-stage AI founders taking overseas capital too early on terms that do not serve them. "Too many promising ideas die in the first year because the founder cannot afford to keep the lights on while they find product-market fit," he said.
The timing matters. AI has reduced the cost of launching a startup, but early-stage funding remains uneven. Zhang called AI "a fundamental rewiring of how software is built, how businesses operate, and how value is created."
This sits alongside Airwallex's existing startup programs. The company refreshed 'Airwallex for Startups' in Singapore last year (now expanding globally), offering financial tools, CFO mentorship, and an AI sandbox. Partners include OpenAI, Google Cloud, and HubSpot.
Airwallex has committed over $5 million to Australia's innovation ecosystem through its Pledge 1% initiative and operates Capital 49, an ecosystem fund backing fintech and software firms.
The Melbourne headquarters signals Airwallex's ANZ commitment despite Singapore being the global base. The company processes billions in monthly transaction volume, competing with Wise and Stripe in cross-border payments.
Worth noting: equity-free capital means no dilution, no board seats, no complicated terms. For first-time founders building AI products, that matters more than the dollar amount.