Global payments and financial platform Airwallex announced that it has surpassed $100 billion in annual processing volume, marking a 73% increase year-on-year.
This growth is accompanied by an annual run rate revenue nearing $500 million and the achievement of cash flow positivity at the end of 2023, underscoring the company’s robust market presence and expansion strategy.
The company said its success is driven by increased activity across all its product lines, including payments, foreign exchange (FX), payouts, and issuing services.
Airwallex’s financial milestones reflect its effective global infrastructure and the strong product-market fit it has developed over nine years.
In addition to its financial achievements, Airwallex has made significant strategic moves within the Americas, which have played a crucial role in its global performance.
Revenue from the Americas has seen a substantial increase, rising by over 300% year-over-year. In 2024, the company expanded its operations in the United States, Canada, and Latin America, establishing a permanent U.S. headquarters in San Francisco and opening offices in Austin and New York.
The company also bolstered its team with new additions in Toronto and São Paolo.
Key to its strategy in the U.S. has been the development of a strong local compliance framework. Airwallex has secured Money Transmitter Licenses or exemptions in 49 U.S. states and territories, enhancing its ability to connect directly with customers and manage financial operations more flexibly.
The company’s focus on building native infrastructure and minimizing reliance on third parties has been a cornerstone of its philosophy.
This approach has allowed Airwallex to significantly reduce operational costs for its customers, saving them an estimated $300 million in fees annually.
Further bolstering its North American presence, Airwallex expanded into Canada in 2023 and outlined plans to enter the Mexican market through the acquisition of MexPago, a local payment service provider.
With over 1,500 employees spread across 23 locations worldwide, including strategic hubs in San Francisco, New York, Austin, Toronto, and Brazil, Airwallex is poised to continue its expansion and support its growing customer base of over 100,000 businesses, including prominent brands like BILL, Brex, Deel, Navan, Rippling, and SHEIN.