Airwallex’s billionaire co-founder and CEO Jack Chan will back 10 young Australian founders building AI startups each year, with them sharing $100,000 in free capital.
The annual program, named Latitude 37 after Airwallex’s start in Melbourne, will provide the 10 founders with access to the fintech’s global network, an immersion tour to San Francisco and Singapore, where the company is currently headquartered, and first-hand experience with AI-native infrastructure.
“This capital does not include equity, as the first year is when ownership is cheapest to transfer and least protected. I want these founders to retain ownership,” Zhang said in a social media post announcing the program.
“Early stage funding, especially in the AI space, remains uneven. Too many founders rely on foreign capital prematurely, with conditions that are not favorable to them. Many promising ideas die in the first year because founders cannot afford to keep the lights on until they find a product-market fit. That is the gap I want to fill.”
Airwallex’s president said AI is a “fundamental rewiring of how we build software, how we run businesses, and how we create value,” which will also reduce start-up costs for startups.
“A 14-person company in Brisbane or Adelaide can now compete with a 1,400-person incumbent in a way that was impossible two years ago. AI is a productivity multiplier, not a replacement for people who know their field deeply.”
Mr Zhang said he wanted Australian startups to play a role in the global conversation around AI and avoid some of the challenges facing fintech.
“Looking back, we realized that what we felt was a disadvantage when we started Airwallex was a source of our advantage. We weren’t part of the Silicon Valley ecosystem, so we had to do a lot of things in hard mode: raising capital, finding product-market fit, recruiting, etc.,” he said.
“The companies that define the AI era are not just basic modeling labs in San Francisco; they are the platforms that leverage AI and make it useful in the real economy. Australian founders are already thinking globally from day one.”
“Latitude 37 is Airwallex’s commitment to ensuring the next generation of founders have the capital, network and support to get there.”
Registrations of interest in Latitude 37 are currently being accepted here.
