Airwallex Processing Volume Surges Past $100 Billion
15 August 2024 - 8:00PM
Business Wire
- Amid broader tech slowdown, Airwallex demonstrates continued
momentum
- The company’s annual revenue run rate approaches $500 million,
with operations achieving cash flow positivity
- North America remains a key contributor to the company’s
growth
Airwallex, a leading global payments and financial platform for
modern businesses, has surpassed $100 billion in annual processing
volume, up 73 percent year-on-year. Airwallex has seen growing
volumes across all products, including payments, FX, payouts, and
issuing, and an annual run rate revenue approaching $500 million.
These achievements come on the heels of Airwallex achieving cash
flow positivity at the end of 2023 – a dividend of the company’s
strong product market fit, ubiquitous global infrastructure, and
continued market expansion.
“Crossing the $100 billion threshold and turning cash flow
positive solidifies our confidence in the durability and
scalability of our business model,” said Jack Zhang,
Co-founder and CEO at Airwallex. “While demand is slowing in
many corners of the tech economy, serving the payments and
financial operations of global businesses remains a significant
market opportunity. We’re proud of how far we’ve come in the past
nine years, and we are more ambitious than ever in supporting
millions of global businesses to grow beyond borders.”
The ability to operate across borders can unlock meaningful
growth for companies of all sizes – by accelerating international
expansion, optimizing supply chains, or attracting the best talent.
Airwallex’s offering taps into a total addressable market
opportunity estimated to be worth more than $570 billion by
2027.1
Airwallex doubles down on the Americas Airwallex’s
traction in the Americas has been a key contributor to the
company’s success globally – revenue in the region is up more than
300 percent, year over year. In 2024, the company expanded its
footprint in the U.S., Canada, and Latin America, moving into a
permanent US headquarters in San Francisco, opening offices in
Austin and New York, and adding team members in Toronto and São
Paolo.
In the U.S., Airwallex has invested in robust local compliance
infrastructure – securing Money Transmitter Licenses (MTL) or
exemptions in 49 U.S. states and territories, giving Airwallex a
more direct connection to its customers and the ability to manage
financial operations with greater flexibility.2
“A core philosophy for Airwallex is building native
infrastructure in every market we launch, and relying as little as
possible on third parties and intermediaries,” said Ravi
Adusumilli, Executive General Manager, Americas, Airwallex.
“We’ve built strong local licensing and financial infrastructure
here in the U.S. and will continue to expand the coverage of our
network across the Americas. This helps us serve our customers
‘like a local,’ so they can grow their businesses around the world,
seamlessly and cost-efficiently. With this approach, we’re able to
save our customers $300 million in fees each year.”
In 2023, Airwallex expanded into Canada and announced its
intention to enter Mexico with a definitive agreement to acquire
MexPago, a Mexico-based payment service provider. Airwallex now has
over 1,500 employees across 23 locations globally, including more
than 100 team members across San Francisco, New York, Austin,
Toronto, and Brazil. Airwallex plans to continue growing its
Americas footprint to support its 100,000+ customer base, which
includes brands like BILL, Brex, Deel, Navan, Rippling, and
SHEIN.
Notes to editors
- Airwallex analysis based on research from Juniper Research,
McKinsey, Grand View Research, Infinity Business Insights, Allied
Market Research, Verified Market Research, and Emergen
Research.
- Airwallex is licensed in 42 US jurisdictions: AL, AK, AZ, AR,
CA, CO, CT, DC, FL, GA, ID, IL, IA, KS, KY, LA, ME, MD, MI, MN, MS,
MO, NE, NH, NJ, NM, ND, OH, OK, OR, PA, PR, SC, SD, TN, TX, USVI,
UT, VT, WA, WY, WV; Exemption or no licenses required for current
business in 7 US jurisdictions: DE, MA, MT, NC, RI, VA, and
WI.
About Airwallex Airwallex is a leading global financial
platform for modern businesses, offering trusted solutions to
manage everything from payments, treasury and spend management to
embedded finance. With our proprietary infrastructure, Airwallex
takes the friction out of global payments and financial operations,
empowering businesses of all sizes to unlock new opportunities and
grow beyond borders. Proudly founded in Melbourne, Airwallex
supports over 100,000 businesses globally and is trusted by brands
such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For
more information, visit http://www.airwallex.com.
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