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Airwallex pushes into Canada on back of rapid growth in Americas

Technology

Global payments system spearheads eventual rollout of full product suite.

By Philip King 9 minute read

Airwallex has launched its global payment system in Canada as it seeks to expand its footprint in North America.

The Australian start-up said its system delivered quicker, more cost-efficient and transparent payments than traditional banks and it would eventually roll out its full suite of global products, including multi-currency cards, spend management, and online payments.

“To thrive in today’s challenging global economy, businesses must be able to scale without borders, move money across currencies with ease and manage their finances across markets with a single integrated platform,” said general manager of Americas, Ravi Adusumilli.

“Airwallex is excited to support the ambitious Canadian businesses who wish to grow internationally, quickly and economically, as well as international businesses who have operations in Canada.”

The payments system offers access local currency accounts in a dozen currencies, a multi-currency wallet that can hold 44 currencies and payouts to 150 countries.

Airwallex said it already had some Canadian customers in the e-commerce, professional services and technology businesses using its centralised platform to simplify payments.

“With the launch of global payments services in Canada, Airwallex will be able to empower local businesses even more, to stay competitive, grow their customer base and expand to new markets,” Mr Adusumilli said.

The move into Canada comes on the back of strong growth in the region, with a 300 per cent increase in customers in the past year.

Globally, Airwallex now covers more than 150 countries and enables US$50 billion in annualised transactions. Last month, the company secured an online payment licence in China, adding to its existing licenses in Australia, New Zealand, the UK, European single market, Hong Kong, Malaysia, Singapore and the US.

Airwallex was founded in 2015 in Melbourne by Jack Zhang and Max Li, together with university friends Lucy Liu and Xijing Dai. It is now one of the world’s fastest growing fintechs with nearly 1,300 employees in 19 locations.  

 

 

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Philip King

Philip King

AUTHOR

Philip King is editor of Accountants Daily and SMSF Adviser, the leading sources of news, insight, and educational content for professionals in the accounting and SMSF sectors.

Philip joined the titles in March 2022 and brings extensive experience from a variety of roles at The Australian national broadsheet daily, most recently as motoring editor. His background also takes in spells on diverse consumer and trade magazines.

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