Airwallex

Based in Australia, Airwallex is a FinTech payment platform that enables enterprises to build cross-border payment and fund transfer systems, using application programming interfaces (APIs). Through the platform, enterprises can embed a range of services, including online payments, treasury, foreign currency transactions, managing foreign currency risks, and card issuing and management. Over the last few years, the company has been adding a range of products to its platform, with some notable additions in 2020 such as multi-currency debit cards with Visa, a bank feed integration, and a small and medium businesses (SMB) rewards program.

Airwallex enables enterprises to transfer funds internationally in over 60 currencies, as of September 2024. The company holds electronic money institution (EMI) licenses in its core markets, including the UK, the US, Australia, the European single market, and Hong Kong. It also secured a money services business (MSB) license from Bank Negara Malaysia in September 2021, which it believes will complement its team in Singapore to expand Airwallex’s operations in Southeast Asia. Its Asia Pacific expansion was further bolstered by expanding into New Zealand in June 2022. The company also obtained a payment business license in China in March 2023, through the acquisition of Guangzhou Shang Wu Tong Network Technology Co Ltd.

As of September 2024, the company had a workforce of over 1,500 employees with operational presence in 11 countries including the US, UK, Australia, India and China. It also secured the Australian Financial Services Licence (AFSL) from the Australian Securities and Investment Commission (ASIC) in July 2024 to offer retail investment products in Australia. In May 2023, the company launched operations in Israel, with the intention of further expanding its presence across the EMEA in 2023.

Airwallex reported a 73% YoY growth in annual payment processing volume to surpass USD 100 billion and recorded an annual revenue run rate of USD 500 million in August 2024, supported by growth in volumes across all its offerings, including payments, foreign exchange, payouts, and issuing. The company also intends to go public by 2026.

Key customers and partnerships

Airwallex served over 100,000 global companies as of August 2024 including brands such as Brex, Rippling, Navan, Qantas, SHEIN, among others.

In June 2024, Airwallex partnered with QuickBooks, a financial reporting software platform, to provide multi-currency reporting with automated transaction syncing. In February 2024, Airwallex entered into a multi-year partnership with McLaren Formula 1 team, to offer multi-currency payment options to meet its supply chain payments for all Grands Prix. Airwallex also partnered with open banking platform TrueLayer in May 2023, to mutually improve cross-border, multi-currency open banking payments, by leveraging TrueLayer’s real-time, account-to-account (A2A) payments infrastructure. The company partnered with Amex in January 2023, to enable customers to accept payments through Amex cards. Airwallex noted that it offered over 60 payment methods for its customers, upon the inclusion of Amex cards.

In May 2022, it joined software developer HubSpot’s App Accelerator program to provide HubSpot users with access to Airwallex’s global financial infrastructure. Airwallex subsequently partnered with Atome in November 2022, to enable Airwallex merchants to offer payment by installments to their customers.