Airwallex, the global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance, was founded in Melbourne in 2015, and almost a decade later, the firm has reported strong year-on-year (YoY) growth across the region with an 83 per cent YoY revenue increase in Q3.
Having established itself in Australia, Airwallex expanded to Singapore, Hong Kong, Malaysia, New Zealand and mainland China. This year, it saw a 49 per cent YoY increase in transaction volume as well as global revenue rising by 73 per cent and global transaction volume increasing by 60 per cent YoY too.
The company has seen this success following the launch of several new products and initiatives this year including:
Airwallex for Startups
Launched in Hong Kong in September 2023, the Airwallex for Startups programme expanded to Australia, Singapore and New Zealand in 2024. To date, more than 2,000 startups have signed up to the free programme, which includes networking events, mentorship and product offers from Airwallex and others within the startup ecosystem. Further global expansion is planned for 2025.
Airwallex Yield
Following a strong launch to wholesale customers in Australia in late 2023, Airwallex Yield was expanded to all Australian customers in July when Airwallex became the first major payments company to receive an Australian Financial Service Licence from ASIC for investment products.
Airwallex Yield helps customers grow funds in both AUD and USD at highly competitive rates. In October, Hong Kong’s Securities and Futures Commission granted Airwallex a licence to provide asset management services. The service is anticipated to launch in Hong Kong early next year.
Airwallex Spend
Airwallex Spend – a product suite that includes Borderless Cards, Expense Management and Bill Pay – was created as an alternative to outdated and fragmented spend management systems and is now available globally. It’s been designed to help businesses manage their finances with its all-in-one global platform, AI-powered automations and enterprise-level controls – all powered by fast and efficient global infrastructure.
Onwards and upwards
Arnold Chan, general manager, APAC, Airwallex said the business had continued on its strong growth trajectory in 2024.
“The APAC region remains integral to the success story of Airwallex and is a proud launchpad for many of our market-leading products and programmes, most recently Airwallex for Startups and Airwallex Yield. Our focus remains on supporting eCommerce, travel, trading businesses and fintech start-ups as they navigate international markets.
“In the coming year, we look forward to expanding our product offerings to new markets like Malaysia and South Korea, as well as supporting more businesses to thrive in the global economy.”
In August, the Airwallex Group announced it had processed more than $100billion in annualised transaction volume and surpassed $500million in annualised revenue run rate.
This was followed last month by the launch of Airwallex Impact, Airwallex’s new social impact programme, underpinned by a commitment to pledge one per cent of equity – equivalent to $56million based on current valuation – to philanthropic causes. In addition, Airwallex will commit one per cent of time, product and profit to support innovators, entrepreneurs, and economic development worldwide.
The Airwallex team across APAC has grown by 160 employees in 2024. Currently, Airwallex has more than 1,600 employees across 23 offices globally, with plans to grow the team alongside the business as it continues to scale in 2025.
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