Airwallex, a payments and financial platform, reported FY2024 performance in Singapore.
According to a release from global Fintech Airwallex, FY2024 revenue in Singapore more than doubled, growing 153% YoY, fueled “by strong transaction volumes and a standout Q4.”
Lucy Liu, President and Co-founder, Airwallex said:
“2024 marked a new phase of growth for us in Singapore and across the region. Our 2024 performance in Singapore shows what’s possible when businesses have access to powerful financial infrastructure. Our unrivaled tech platform and infrastructure spanning the globe provide businesses here with the solution they need to unlock their cross-border opportunities. Airwallex is proud to partner with them and welcome them into our network. These partnerships continue to drive our growth, and we’re now scaling that momentum across the region. Singapore’s strong tech talent pool and vibrant digital economy have also been key to fuelling our expansion.”
Singapore’s Q4 results were particularly strong, with “revenue jumping 215% and transaction volume up 192% YoY. Across 2024, Singapore’s transaction volume rose 159%.”
Airwallex has also expanded its local footprint with brands like Endowus, Love, Bonito, and Mighty Jaxx, while “continuing to empower customers such as EU Holidays, Far East Flora, and Huber’s Butchery, helping them grow and digitalize.”
Throughout FY2024, Airwallex grew its “headcount in Singapore by 58%.”
As of early 2025, the company has more than 250 employees “based in its Singapore office, which serves as its global headquarters.”
Hiring spanned Corporate, Commercial, and Product, Engineering and Design (PED) functions, with PED seeing the “strongest growth – a 98% increase – as the company invested heavily in building out its AI, data, and engineering teams.”
To support this growth, Airwallex expanded its office footprint in Singapore, taking up “additional space on a new floor at its current premises in Guoco Tower.”
Much of Airwallex’s momentum in Singapore has been “driven by small and medium enterprises (SMEs) with regional and global ambitions.”
To understand the priorities and pressures shaping SME growth today, Airwallex did a survey of “250 local business decision-makers across the country.”
The research study revealed key trends around “financial pressures, workforce challenges, global expansion plans, and the growing adoption of digital solutions.”
- Financial Pressures & Business Resilience: Rising costs remain the most pressing issue, cited by 62% of respondents, followed by challenges managing cash flow both globally and locally (48%) – highlighting the growing demands of financial management for SMEs operating across borders. Inflation (43%) and regulatory complexity (40%) were also major concerns, reflecting the broader pressures businesses face in today’s environment.
- Talent Crunch: Talent constraints are another major pressure point. Nearly half (46%) of SMEs highlighted the lack of suitable manpower as a barrier to growth, with many pointing to skill mismatches and labour shortages as key hiring challenges.
- Resilience & Growth Mindset: SMEs are maintaining an expansion-first mindset, with Southeast Asia emerging as the top destination for overseas growth (40%), followed by East Asia (37%), and Central Asia (30%). A majority of businesses are also increasing spending (76%), with one in three (33%) significantly boosting investment, pointing to a clear focus on growing revenue, improving efficiency, and capturing market share.
- Fintech & Digital Adoption: As businesses scale, many are turning to digital and fintech solutions to manage rising complexity in financial operations – from improving cash flow visibility to navigating compliance requirements across borders. Nearly all SMEs surveyed (96%) have either adopted or plan to onboard digital or fintech platforms to support their business finance needs, citing convenience, faster transactions, cost savings, and stronger features as key drivers. Notably, 91% also said they trust fintech platforms to manage their financial operations. This marks a clear shift away from traditional financial systems that are struggling to keep pace with SME needs.
Ershad Ahamed, Head of Southeast Asia, Airwallex said:
“SMEs are crucial to Singapore’s economy. They make up 99% of all businesses and contribute nearly half of the nation’s GDP. Our research shows they’re ready to grow and expand into new markets, despite the challenges they face. Understanding their pain points allow us to design and provide products and services that address their priorities and pressures. As their partner, we’re here to empower them to scale with smarter, more resilient financial tools – addressing the various financial pressures they encounter with the speed, transparency, and efficiency our solutions provide.”
Founded in Melbourne in 2015 and headquartered in Singapore, Airwallex continues to “experience global growth momentum.”
In early 2025, it announced its launch in New Zealand and “acquisition of CTIN Pay, an Intermediary Payment Service (IPS) licensed company in Vietnam.”
The company also surpassed “$600 million in annualized revenue and $130 billion in annualized transaction volume.”
This survey from Airwallex was carried out by Censuswide “during the first quarter of 2025 among 250 SME business decision makers in Singapore (companies with 50 – 500 employees).”