House China committee chair asks Treasury to assess Airwallex's China ties as a data risk
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What happened
On 17 September 2026 John Moolenaar, chairman of the House Select Committee on the CCP, sent a letter to Treasury Secretary Scott Bessent about Airwallex, a financial technology company. According to the committee's press release, the letter cited a significant number of China-based employees, links to the Chinese government, exposure to Chinese national security laws and data handling. It said sensitive US financial data may be accessible to entities operating under the jurisdiction of the People's Republic of China. The letter described Airwallex as processing an estimated $130 billion in annualized transaction volume for thousands of American firms, and said US customers in sensitive sectors reportedly reach it indirectly through Brex, Rippling, Deel, Navan and Zip.
The letter asked Treasury to review the information, assess whether existing regulatory authorities are triggered by Airwallex's operations, and brief the committee. The committee said the letter was informational and that it had not concluded Airwallex engaged in unlawful conduct. Capital Brief reported on 21 September that chief executive Jack Zhang, in a letter to an unnamed US congressman, wrote: "I was born in China. I cannot change that fact." Capital Brief put Airwallex's valuation at $11 billion.
Key points
- On 17 September 2026 Chairman John Moolenaar wrote to Treasury Secretary Scott Bessent about Airwallex's China-based workforce, government links and data handling.12
- The letter described Airwallex as processing an estimated $130 billion in annualized transaction volume for thousands of American firms.1
- It asked Treasury to review the information, assess whether existing authorities are triggered, and brief the committee.1
- The committee said it had not concluded Airwallex engaged in unlawful conduct; Capital Brief reported that CEO Jack Zhang hit back at critics in a letter to a US congressman.13
Why it matters
The letter puts US national-security scrutiny of Airwallex's personnel, ownership and data handling on the record. It is a request for a Treasury assessment, and the committee stated no finding of unlawful conduct.
The committee says some US customers reach Airwallex through named intermediaries, so part of the US business rests on other platforms that carry it to their clients.
Capital Brief placed Airwallex's valuation at $11 billion and noted a rumoured 2027 IPO. A US regulatory dispute bears on how those two points are read, though no source reports an effect on either.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series D | Apr 16, 2020 | $1.8B | $160M | Unknown |
| Series D extension | Sep 29, 2020 | $1.8B | $40M | Unknown |
| Series D extension | Mar 23, 2021 | $2.6B | $100M | Greenoaks |
| Series E | Sep 20, 2021 | $4.0B | $200M | Lone Pine Capital |
| Series E1 | Nov 18, 2021 | $5.5B | $100M | Lone Pine Capital |
| Series E2 | Oct 10, 2022 | $5.5B | $100M | Unknown |
| Series F | May 21, 2025 | $6.2B | $300M | Unknown |
| Series G | Dec 8, 2025 | $8.0B | $330M | Addition |
| Series H | Jun 25, 2026 | $11B | $320M | Addition |
Updated
Fact-check
- On 17 September 2026 Moolenaar sent a letter to Treasury Secretary Bessent about Airwallex.Confirmed by [1] House Select Committee on the CCP: its press release dated 17 September 2026 announces the letter. [2] Australian Financial Review could not be opened; its headline refers to Bessent being warned on Airwallex's China links.Verified
- The letter described Airwallex as processing an estimated $130 billion in annualized transaction volume for thousands of American firms, some reached via Brex, Rippling, Deel, Navan and Zip.Confirmed by [1] House Select Committee on the CCP: the release gives the estimate and names the five intermediaries.Verified
- The letter asked Treasury to review the information, assess whether existing authorities are triggered, and brief the committee; the committee has not concluded Airwallex acted unlawfully.Confirmed by [1] House Select Committee on the CCP: the release lists these requests and calls the letter informational.Verified
- Capital Brief reported on 21 September 2026 that Zhang wrote 'I was born in China. I cannot change that fact' in a letter to an unnamed US congressman, and put Airwallex's valuation at $11 billion with an IPO rumoured for 2027.Confirmed by [3] Capital Brief (21 September 2026). The page does not name the congressman, so the post does not link the letter to Moolenaar.Verified
Sources
- [1]House Select Committee on the CCP (opens in a new tab)Moolenaar: Airwallex 'Presents Significant National Security Risk'has not reached the conclusion that Airwallex has engaged in unlawful conduct
- [2]Australian Financial Review (opens in a new tab)Jack Zhang defends Airwallex after Bessent warned on China links
- [3]Capital Brief (opens in a new tab)Jack Zhang comes out swinging at 'unhinged' US critics as Airwallex braces for another China brawlI was born in China. I cannot change that fact.
