Australian-Born Unicorn Airwallex Unveils Program to Support the Next Generation of Innovators, Entrepreneurs and Startups; Pledges 1% of Equity, an Overall Value Exceeding US$56M

12.11.2024 - 06:26:45

Business Wire India

Airwallex joins the Pledge 1% movement to commit company equity and more toward corporate philanthropy through a sustained ongoing model
“Airwallex Impact” will also include expansion of company volunteerism, Airwallex for Startups programs and discounted product for select nonprofit organisations

Furthering its ongoing commitment to ignite innovation and entrepreneurship, today announced the launch of Airwallex Impact, a robust global social impact program, underpinned by a 1% equity commitment for philanthropic giving. It will be bolstered by a commitment to donate 1% of employee time, profits and products to support the innovation community.

In taking the 1 % Pledge, Airwallex joins a community of companies committed to the multiplier effect of corporate philanthropy, including global tech leaders Atlassian, Canva, Airbnb, Okta, Reddit and Salesforce.

“As Airwallex enters our 10th year as a business, the time is right to build on our community initiatives to date and commit to an enduring impact program,” said Airwallex CEO and Co-founder Jack Zhang. “Purpose is at the core of Airwallex's mission – we exist to help businesses thrive, and this work is a natural extension of our dedication to innovation and economic development in the countries where we operate. I’m excited for our company to join the Pledge 1% community.”

Atlassian and Pledge 1% Co-Founder Scott Farquhar said, “We founded Pledge 1% in 2015 to encourage companies to bake philanthropy into their DNA. I appreciate the model Jack and team are setting up to apply the social impact lens to the breadth of their business, to serve as a catalyst for innovation and entrepreneurship and to empower Airwallex employees to be part of the movement.”

Sustained corporate philanthropy commitment

By partnering with Pledge 1% to set aside 1 percent of Airwallex stock, currently valued at US$56M, the company has built a sustainable, durable model for ongoing corporate philanthropy. The value of the pledge will grow alongside the company, allowing this commitment today to be a seed for a growing endowment toward social impact. This builds upon previous philanthropic gifts, including an AU$3M donation to the University of Melbourne, which has thus far funded scholarships for 43 students – 40 percent of whom identify as female and 56 percent of whom are international students.

Additionally, Airwallex funded an AU$150,000 donation for financial assistance for an additional 65 students to support non-tuition related costs of attending school. These students have become part of the Airwallex community in many ways, having interned at and received formal mentorship from the Airwallex team, which has committed more than 400 hours to mentorship since the program kicked off two years ago.

The Airwallex Impact Program will grow this effort through philanthropic partnerships in its major hubs that support the next generation of innovators and entrepreneurs through scholarships, financial operations training and startup incubators.

“We are thrilled to welcome Airwallex into the Pledge 1% community of businesses working together to be force multipliers for corporate philanthropy,” said Pledge 1% CEO Amy Lesnick. “Airwallex’s equity commitment is critical as it will tie company success to long-term philanthropic engagement and impact. As Airwallex grows, so will its funding and its ability to affect change.”

In tandem with the philanthropic effort, the Airwallex Impact Program will provide a suite of resources to the innovation community through Airwallex employee mentor programs, the Airwallex for Startups program and product discounts for select nonprofit organisations across the spectrum of public benefit programs. This program is funded by the business itself.

Scaling Airwallex for Startups

The Airwallex for Startups program for founders and entrepreneurs launched in September 2023, and is now live in Australia, Singapore and Hong Kong, with a planned launch in New Zealand later this month. To date, more than 2,000 startups have joined the program and benefit from our efforts to infuse the startup community ecosystem with partner perks, networking events and other resources tailored to entrepreneurs’ needs. Airwallex has hosted more than 50 events aimed at cultivating startup success.

Empowering team Airwallex to give back

Beginning in 2025, all 1,600+ Airwallex employees will commit three days per year to volunteering – amounting to roughly 1 percent of employee time devoted to community service. Two of these days will be focused on service in partnership with Airwallex Impact initiatives, and one can be dedicated to any not-for-profit organisation the employees choose.

This global effort builds upon Airwallex’s track record of mentoring and nurturing startup communities in Australia. In recent years, Airwallex has helped break down barriers for entrepreneurs through knowledge sharing and access to capital, including providing pro-bono mentoring through Australia’s Techstars incubator program as well as grants to early-stage startups across AI and FinTech to accelerate their growth.

Additionally, as a foundational partner to the Sydney-based AI Build Club, we supported Australia's largest AI hackathon and sponsored the travel of a majority female-founder team to travel to San Francisco to begin their capital-raising journey. Helping to unlock barriers for underrepresented founders is part of what Airwallex hopes to do to ignite innovation.

Reflecting on his personal goals for volunteerism at Airwallex, Zhang said, “Airwallex’s people are among the brightest and boldest across a range of disciplines. Their expertise has been core to our growth, and the learnings they’ve amassed as part of a fast-growth startup are immense. Beyond building our own company, there’s great rewards and joy to be found in paying that forward to help the entire ecosystem to flourish.”

Discounted Airwallex Products for Nonprofit Entities

In mid-2025, as part of Airwallex’s commitment to innovation and community, the company will roll out a program for select non-profits to use Airwallex products at a discounted rate.

NOTES TO MEDIA

If you have any questions or would like to request further information, please contact press@airwallex.com.

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 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visit https://www.airwallex.com.

About Pledge 1%

Pledge 1% is leading a global movement to embed social impact into all businesses. Providing a simple, flexible framework for setting aside staff time, product, profit, and/or equity, Pledge 1% encourages and empowers companies of all sizes to leverage their assets for good.