Airwallex, the leading payments and financial platform for modern businesses, has reported remarkable year-on-year (YoY) growth across the Asia Pacific (APAC) region. In Q3 2024, the company achieved an 83% YoY revenue increase and a 49% YoY rise in transaction volume in APAC. Globally, Airwallex reported a 73% YoY revenue growth and a 60% YoY increase in transaction volume.
This growth highlights Airwallex’s innovative product offerings and strong product-market fit across key APAC markets, including Australia, Singapore, Hong Kong, Malaysia, New Zealand, and mainland China.
Key Drivers of Growth in APAC
Founded in 2015 in Melbourne, Airwallex continues to solidify its presence in APAC with groundbreaking product launches and initiatives:
1. Airwallex for Startups
Launched in Hong Kong in September 2023, this program expanded to Australia, Singapore, and New Zealand in 2024. Offering networking events, mentorship, and exclusive product deals, the program has already attracted over 2,000 startups. A global rollout is scheduled for 2025, further strengthening Airwallex’s ties to the startup ecosystem.
2. Airwallex Yield
After a successful launch to wholesale customers in late 2023, Airwallex Yield expanded to all Australian customers in July 2024. The product offers competitive growth opportunities for funds in AUD and USD, backed by Airwallex’s Australian Financial Service Licence. With approval from Hong Kong’s Securities and Futures Commission, Airwallex Yield is set to launch in Hong Kong in early 2025, broadening its reach in APAC.
3. Airwallex Spend
This global product suite includes Borderless Cards, Expense Management, and Bill Pay. Designed to simplify spend management, it leverages AI-driven automation and enterprise-level controls to streamline financial operations for businesses navigating global markets.
Industry Accolades
Airwallex’s contributions to financial technology have earned it recognition as one of the Australian Financial Review’s Most Innovative Companies and among the Top 10 Fortune Fintech Innovators Asia in 2024.
Driving the Future of Global Business
Arnold Chan, General Manager for APAC at Airwallex, emphasized the company’s commitment to supporting eCommerce, travel, trading businesses, and fintech startups. “APAC remains at the heart of Airwallex’s growth story, with new markets like Malaysia and South Korea on the horizon. We aim to help more businesses succeed in the global economy,” he said.
Key Milestones and Social Impact
In August 2024, Airwallex announced it had processed over $100 billion in annualized transaction volume and surpassed $500 million in annualized revenue run rate. Additionally, the company launched Airwallex Impact, pledging 1% of its equity (valued at $56 million), time, products, and profits to philanthropic causes, aiming to empower innovators and entrepreneurs globally.
Team Growth and Future Plans
Airwallex’s APAC team grew by 160 employees in 2024, bringing the global workforce to over 1,600 across 23 offices. As the company prepares for further expansion in 2025, it remains committed to scaling its innovative solutions for businesses worldwide.
—————————————————————————————————
About Innovation Streets:
Welcome to InnovationStreets.com! Get the latest insights from the finance and technology industries. Discover industry updates on fintech innovations, regulatory developments, industry insights, events, and collaborations between banks, insurers, and fintechs. A platform for C-level executives to submit thought leadership content for their peers. Subscribe for updates!
