Airwallex, an Australian payments Fintech, has launched in North America. In a company release, Airwallex said that US businesses may now gain access to the suite of financial infrastructure, payments, treasury, and expenses services without the constraints of the traditional financial system.
Airwallex’s market entry into the U.S. is supported by a partnership with domestic bank Evolve Bank & Trust, a technology-focused financial services organization and Banking-as-a-Service provider.
Earlier this year, Airwallex raised $100 Million in a Series D extension at a $2.6 billion valuation. Founded in Melbourne in 2015, Airwallex claims to be one of the fastest-growing financial technology companies today, operating across 12 offices with a global team of over 900 employees.
Airwallex’s entry into the U.S. is part of its vision of becoming the global financial infrastructure for businesses to operate anywhere, anytime. Today, the company offers cards, international collection & transfers, and other value-add solutions for SMEs, as well as an API for larger enterprise businesses that require embedded payments and financial services.
“The idea behind Airwallex came nearly six years ago,” said Jack Zhang, Co-founder and CEO of Airwallex. “My co-founder and I loved coffee and started a small cafe in Melbourne. As small business owners, we quickly saw the pain points with global payments and the impact of high FX fees and banking costs when sourcing for supplies. We wanted to build out a better financial and payment solution for businesses operating across borders, and ensure they are empowered to grow.”
Zhang states that his company now powers some of the leading tech-driven organizations around the world and as they grow, they will continue to scale their products and offerings to better serve the needs of businesses operating globally.
Airwallex first established a presence in San Francisco in 2019 and now has team of more than 30. Airwallex plans to continue to expand its U.S team over the coming months, as it looks to further strengthen its foothold in the market.
Airwallex reports that it has been issued money transmitter licenses in various states and is now able to provide money services business in almost all the states across the US.
Zhang says this is an exciting moment for them:
“The U.S. is a major hub for technology innovation and is at the forefront of bringing traditional banking financial services into the new age. With our base in San Francisco, we are excited to be able to take part in that change and provide businesses in the U.S. with an infrastructure that can seamlessly handle their international payments and financial services needs.”