Matrix Partners signed an Airwallex term sheet then revoked it
Jack Zhang · Airwallex CEO & Co-Founder, Jack Zhang: The Angel That Turned $1M into $1BN · 20VC with Harry Stebbings · May 26, 2025 · at 30:51
Jack Zhang is the co-founder and CEO of Airwallex. He recounts how Matrix Partners issued and then pulled back a signed term sheet during an early fundraising round due to concerns about algorithmic defensibility.
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“But I think one of the founders of the VC, that is the metrics partners, and they give the term sheet they signed, and they took it back. Yeah, so they basically said I had a call with the founder after they signed a term sheet, and they were like, oh, I don't think this algorithm thing gonna work and that's not a defensibility anyway,”
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