Joe Lonsdale and Keith Rabois, investors in corporate spend management startup Ramp, reportedly pressed U.S. lawmakers to investigate rival Airwallex's connections to China following the termination of a planned business deal between the two companies, according to sources familiar with the matter.
Lonsdale is a co-founder of Palantir Technologies and manages 8VC. Rabois is a general partner at Founders Fund.
Airwallex, a global payments platform with significant operations and investor relationships in the Asia-Pacific region, canceled the agreement with Ramp. The terms and scope of the scrapped deal were not disclosed by sources.
Ramp offers corporate cards and expense management software to U.S. businesses. Airwallex provides cross-border payments, multi-currency accounts, treasury management, and embedded finance solutions.
The reported lobbying effort underscores the high-stakes competitive dynamics in fintech, where deal terminations can trigger aggressive moves by venture-backed rivals.
