Despite the best efforts of the banking sector, sending money from one part of the world to another is often cumbersome for companies. Australia’s Airwallex Ptd Ltd is working to change the situation.

The startup has received a major endorsement today in the form of a $13 million funding round provided by Mastercard Inc., Sequoia Capital China and Tencent Holdings Ltd. Airwallex Chief Executive Jack Zhang told TechCrunch that the Internet giant is collaborating with his team to improve the payment processing feature of its WeChat app, which has more than 889 million active users throughout Asia. The partnership centers on the startup’s namesake service for handling cross-border transactions.

Airwallex sets itself apart from traditional alternatives by using machine learning to identify the fastest and cheapest route through which a payment can reach its destination. The feature is complemented by a number of conveniences designed to streamline the other aspects of making an international transaction. Most notably, the service provides a built-in invoice creation tool and locks the exchange rate for each payment to prevent sudden currency shifts from hurting a company’s revenue.

Companies can access Airwallex’ features through an online portal or a set of programming interfaces that are designed to be integrated into financial software. Besides the likes of Tencent, the startup is targeting banks, insurance providers and other organizations that process a large volume of international payments. Zhang said several of his startup’s clients are using its service to handle billions of dollars worth of transactions per year.

Today’s funding will help Airwallex further expand its market reach. The startup plans to set up shop in Singapore and grow its European operations, which are run from a London-based regional office. Zhang said he intends to establish a presence in the U.S. as well eventually, with his team currently working to secure the necessary regulatory approvals.

Image: Airwallex