Tom Cotton Urges Probe of $11 Billion Airwallex Over China Ties
Updated
Updated · Forbes · Jun 25
Tom Cotton Urges Probe of $11 Billion Airwallex Over China Ties
2 articles · Updated · Forbes · Jun 25
Summary
A letter sent last week by Senator Tom Cotton asked Treasury Secretary Scott Bessent to investigate Airwallex over alleged “ties to Communist China,” escalating scrutiny of the cross-border payments startup.
The push followed claims by Ramp board member Keith Rabois that Airwallex sends U.S. customer data to China because of its China staff and investors including Tencent and HongShan.
Airwallex CEO Jack Zhang called those allegations false, said U.S. customer data is stored in the U.S., and pointed to a Coalfire security review that said its access controls exceed minimum expectations.
The pressure lands just after Airwallex raised $320 million at an $11 billion valuation; the company says it serves 300,000 customers in 47 countries and processes more than $250 billion annually.
The China scrutiny adds to broader regulatory risk for Airwallex, which is also facing an Australian anti-money-laundering audit while expanding against Stripe, Ramp and other fintech rivals.
Will data spying allegations derail Airwallex's ambitious plan to dethrone payments giant Stripe?
Is Jack Zhang's $11 billion fintech empire a global innovator or a national security risk?
Senator Cotton’s CFIUS Push: Airwallex Faces National Security Probe Over Chinese Ties and U.S. Data Exposure
Overview
On June 17, 2026, Senator Tom Cotton escalated scrutiny of Airwallex by sending a letter to Treasury Secretary Scott Bessent, urging a formal CFIUS investigation. Cotton accused Airwallex of having deep ties to the Chinese government and highlighted risks from the company handling sensitive data from American firms, including AI labs and defense contractors. This action set the stage for a comprehensive review of Airwallex’s operations and affiliations, marking the second major move by Cotton against the company and signaling growing U.S. concerns over national security and foreign influence in fintech.