Powered by MOMENTUM MEDIA
accountants daily logo

Airwallex doubles down on borderless payments mission

Technology

Rapid growth in its products and global footprint encourage an ambitious statement from its co-founder.

By Philip King 10 minute read

Local payments start-up Airwallex has issued an updated mission statement and Q1 metrics revealing the extent of its ambition and how quickly it is growing.

Co-founder Jack Zhang said the business was accelerating its investment “to build the world’s most powerful global financial infrastructure and expand our reach into markets where we see significant opportunities”.

“Last year, we processed close to US$50 billion in annualised transactions volume and doubled our number of monthly transacting customers across all the markets where we operate,” he said.

“This year we will achieve even more as we continue to accelerate our investments in the core of our business to support your business growth.”

Figures for Q1 2023 show customer collections up 62 per cent compared with the same period last year, and payouts up 64 per cent. Volume of payments processed leapt 250 per cent.

Airwallex now has 12 currencies available across 62 countries with its Local Payouts coverage at 93 countries and is expanding it card coverage as well on the back of rapid growth.

“We can now provide cards to business customers in a total of 36 countries (following our Israel launch this quarter), with virtual, digital and physical support now available in almost all of our markets,” Mr Zhang said.

“Looking ahead for the rest of 2023, we will continue to expand our geographical footprint to ensure we remain the world’s best global financial infrastructure. This includes better support for our customers across Canada, Brazil, Mexico and the Middle East, further increasing our coverage of global treasury management services to 22 new countries and 16 currencies, and enabling cross-border employee card issuing across 50+ countries, among many other improvements we plan to make.”

Speed, security and reliability were other focus areas, with an improved average payout time of 4.2 hours globally and with roughly 64 per cent complete within 5 minutes.

It was also building on its Business Account product with additional functions and more planned including new ERP integrations, spend reporting and analytics, cross-border employee cards and OCR capabilities.

“Looking ahead, we've set ourselves an ambitious roadmap for 2023: increasing our reach into new markets including Canada, Brazil, Mexico and the Middle East, improving the speed, reliability and safety of our infrastructure while launching yet new products and features across both Global FinOS and Embedded Finance.”

“But more importantly, we remain committed to our mission and purpose to empower modern businesses to grow without borders.”

You need to be a member to post comments. Become a member for free today!
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.

You can email Philip on: This email address is being protected from spambots. You need JavaScript enabled to view it.

You are not authorised to post comments.

Comments will undergo moderation before they get published.