Airwallex’s billionaire cofounder and CEO Jack Zhang plans to back 10 young Australian founders building AI startups annually in a new program that will see them share in $100,000 in equity free capital.
The annual program, named Latitude 37 after Melbourne, where Airwallex launched, will give 10 founders access to the fintech’s global network, as well as an immersion tour in San Francisco and Singapore, where the company is now headquartered, as well as direct exposure to its AI-native infrastructure.
“The capital is equity-free becautilize the first year is when ownership obtains given away cheapest and protected the least. I want these founders to keep theirs,” Zhang stated in a social media post announcing the program.
“Early-stage funding — particularly in AI — remains uneven. Too many founders rely on overseas capital too early, on terms that don’t serve them. Too many promising ideas die in the first year becautilize the founder can’t afford to keep the lights on while they find product-market fit. That’s the gap I want to support close.”
The Airwallex boss stated AI “is a fundamental rewiring of how software is built, how businesses operate, and how value is created” with the cost of launching a startup also reduced.
“A 14-person company in Brisbane or Adelaide can now compete against a 1,400-person incumbent in ways that were impossible two years ago. AI is a force multiplier of productivity, not a substitute for the people who know their domain deeply.”
Zhang stated he wants Australian startups to play a role in the global conversation around AI and avoid some of the challenges his fintech faced.
“Looking back, the things that felt like disadvantages when we started Airwallex turned out to be the source of our edge. We weren’t part of the Silicon Valley ecosystem, so we had to do many things in hard mode including raising capital, finding product-market fit, and recruiting,” he stated.
“The companies that will define the AI era are not just the foundational model labs in San Francisco. They’re the platforms that take AI and create it utilizeful in the real economy. Australian founders already believe globally from day one.
“Latitude 37 is Airwallex’s commitment to creating sure the next generation of those founders has the capital, the networks, and the support to obtain there.”
Registrations of Interest for Latitude 37 are now open here.
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