Once close enough for an acquisition, Stripe and Airwallex are now going after each other

What Happened

Airwallex founder Jack Zhang rejected Stripe's $1.2 billion acquisition offer in 2018, despite Sequoia investor Michael Moritz's persuasion. Zhang, then 34, reconsidered after walking San Francisco's streets but ultimately chose to continue building Airwallex's vision independently. Both companies now compete directly in fintech infrastructure.

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