Airwallex Reports Strong Momentum With 83 Percent Revenue Increase Across APAC YoY: Airwallex Yield, Spend and Startups Program Among Growth Drivers of 2024

11.12.2024 - 06:30:45

Business Wire India

Airwallex today reported strong year-on-year (YoY) growth across the Asia Pacific (APAC) region as the leading global payments and financial operating platform for modern 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.

Founded in 2015 in Melbourne, the APAC region holds special significance for Airwallex. This year, the company has successfully launched several products and initiatives which continue to boost momentum in the market.

Airwallex for Startups

Launched in Hong Kong in September 2023, the Airwallex for Startups program expanded to Australia, Singapore and New Zealand in 2024. 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.

Airwallex Yield

Following a strong launch to wholesale customers in Australia in late 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 licence to provide asset management services. Airwallex Yield is anticipated to launch in Hong Kong early next year.

Airwallex Spend

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– a product suite that includes Borderless Cards, Expense Management and Bill Pay – was created as an alternative to outdated and fragmented spend management systems and is now available globally.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.

Industry recognition

Airwallex continues to be recognised as an innovative payments leader across APAC, acknowledged on the Australian Financial Review’s Most Innovative Companies and the Top 10 Fortune Fintech Innovators Asia lists in 2024.

Arnold Chan, General Manager, APAC, Airwallex, said the business had continued on its strong growth trajectory in 2024.

“The APAC region remains integral to the success story of Airwallex and is a proud launchpad for many of our market-leading products and programs, most recently Airwallex for Startups and Airwallex Yield. 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, the Airwallex Group announced it had processed more than US$100 billion in annualised transaction volume and surpassed US$500 million in annualised 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 US$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.

About Airwallex

Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 150,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visithttp://www.airwallex.com