Airwallex reported strong YoY growth across the APAC region as the global payments and financial operating platform for businesses.
In Q3, Airwallex delivered an 83 percent revenue increase YoY and grew transaction volume by “49 percent YoY across the APAC region, as well as significant global growth, with global revenue up 73 percent YoY and global transaction volume up 60 percent YoY.”
Ongoing success across the region – comprising Australia, Singapore, Hong Kong, Malaysia, New Zealand and mainland China – “confirms Airwallex’s strong product fit and innovative product stack.”
This year, the company has launched several products and initiatives which continue to “boost momentum in the market.”
Launched in Hong Kong in September 2023, the Airwallex for Startups program reportedly expanded to Australia, Singapore and New Zealand this year.
To date, more than 2,000 startups have signed up to the free program, which includes “networking events, mentorship and product offers from Airwallex and others within the startup ecosystem.”
Further global expansion is planned for 2025.
Following a launch to wholesale customers in Australia in 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 license to “provide asset management services.” Airwallex Yield is anticipated to “launch in Hong Kong early next year.”
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– a product suite that includes Borderless Cards, Expense Management and Bill Pay – was created as an “alternative to outdated and fragmented spend management systems and is now available globally.”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.”
Arnold Chan, General Manager, APAC, Airwallex, said the business had continued on its strong growth trajectory in 2024.
“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 of this year, the Airwallex Group announced it had processed “more than $100 billion in annualized transaction volume and surpassed US$500 million in annualized revenue run rate.”
This was followed last month by the launch of Airwallex Impact, Airwallex’s new social impact program, underpinned by a “commitment to pledge 1% of equity – equivalent to $56 million based on current valuation – to philanthropic causes.”
In addition, Airwallex will commit 1% 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.”
As covered, Airwallex is a financial platform for modern businesses, offering trusted solutions to manage everything from “payments, treasury, and spend management to embedded finance.”
With proprietary infrastructure, Airwallex claims that it takes the friction out of global payments and financial operations, empowering “businesses of all sizes to unlock new opportunities and grow beyond borders.”
Founded in Melbourne, Airwallex supports businesses globally and is said to be “trusted” by brands such as Brex, Rippling, Navan, Qantas, SHEIN.