By Jack Zhang (pictured), Co-Founder & CEO of Airwallex
As we gear up for our tenth anniversary later this 12 months, I’m immensely pleased with what we’ve completed collectively in 2024 and I’m thrilled concerning the journey forward.
Driving worth for 150,000 companies worldwide
Airwallex now proudly serves over 150,000 companies globally, up 50 % from final 12 months. We proceed to construct the worldwide monetary providers platform of the longer term, and we’re frequently creating our infrastructure, increasing our attain, and launching new and thrilling merchandise to assist our clients speed up their progress.
Over the previous 12 months, we’ve made large strides in including extra capabilities to our product suite to ship the world’s main end-to-end world monetary options. We launched Airwallex Yield to assist our clients earn aggressive returns on their multi-currency balances, World Entity Administration to supply built-in administration throughout all their entities, and a brand new Credit score Card product. We’re delighted to accomplice with marquee corporations like Brex, Deel, Shopify, WooCommerce, Xero, and extra to assist them in their very own progress journeys.
Our affect is obvious: our clients belief and love what we’re constructing.
Unprecedented progress
Since my final replace, I’ve been on the highway fairly a bit, assembly clients, companions, and traders in locations like New York Metropolis, San Francisco, and London. I additionally travelled to quite a few nations in Asia and the Center East to know the wants and expectations of our clients, regulators, and traders. These conversations left me extra assured than ever in our enterprise mannequin and the route we’re headed.
Our numbers converse for themselves. In August, we crossed US$100 billion in annualised transaction quantity, up 73 % YoY. Across the similar time, we surpassed $500 million in annual run charge (ARR) income, after which simply three months later, hit $600 million in ARR and $130 billion in annualised transaction quantity. These are large milestones, and we’re simply getting began.
Since 24Q1, our quarterly YoY gross revenue progress charge has accelerated from 40 to 78 %. Our Company Playing cards and Funds merchandise now drive greater than 50 % of our business gross revenue, proving large potential for this a part of our enterprise. This progress is a testomony to the belief our clients place in us and the relentless innovation, dedication, and collaboration from our workforce.
Constructing the monetary infrastructure and working system of the longer term
A key differentiator for Airwallex is the breadth and pace of our monetary infrastructure. At present, we now have one of the intensive licensing portfolios for a fintech firm globally. We’ve already secured licences in Australia, Singapore, Hong Kong, Japan, New Zealand, United Kingdom, European single market, US, Canada, mainland China, Malaysia, Mexico, and Brazil.
We additionally laid the groundwork to launch providers in Latin America’s two largest economies — Mexico and Brazil, and simply final month, introduced the receipt of a cost establishment license in Brazil and the approval to shut our acquisition of MexPago, a Mexico-based cost service supplier.
Brazil is on the forefront of cost digitisation. PIX, Brazil’s prompt cost community, will account for an estimated 40 % of the nation’s on-line funds by 2026. Nevertheless, B2B funds in Brazil have lagged behind in digitisation, significantly for cross-border transactions. We stay up for launching our PIX integration within the coming weeks and providing providers to Brazilian companies, together with native accounts, card issuing, and cost buying to call a number of.
We additionally expanded our arsenal of economic merchandise. After a profitable launch in Australia, we’re gearing as much as launch Airwallex Yield in Hong Kong, with plans to launch in different markets later this 12 months. On the similar time, we’re actively working to enhance product market match for Spend and Billing, two of our most up-to-date product additions. I’m extremely optimistic about how these new merchandise complement our suite of economic providers, and the way they’ll ship much more worth to our clients.
A leap ahead for our model
Final 12 months, we introduced our multi-year partnership with the McLaren Method 1 Workforce. This partnership highlights our shared values in technological innovation, resilience, and pursuit of success. We’ve seen a optimistic affect to our model consciousness globally and launched our Shifted Views marketing campaign to point out how altering viewpoints can flip obstacles into alternatives.
When working on the pinnacle of world motorsport, each second and penny counts. Our end-to-end platform has enabled the McLaren F1 Workforce to shave half a day per thirty days in processing time for his or her worldwide funds. This time saved is admittedly significant for a enterprise the place the slimmest of margins matter, each off-track and on-track.
It’s been nice cheering on the workforce as they gained their ninth Constructors’ Championship, and first in 26 years. I had the privilege of attending the F1 Las Vegas race to rejoice our partnership and stay up for cheering on Workforce Papaya in Melbourne this March. Workforce Airwallex is proud to have the ability to contribute to their journey and we’re all wanting ahead to an eventful 2025.
The highway forward: 2025 and past
At Airwallex, we’re constructing the way forward for world banking. Fintech is getting into a transformative period as geopolitical shifts and innovation drive commerce towards Southeast Asia, Latin America, and the Center East. Our enlargement efforts throughout these numerous and strategic markets are setting us as much as seize alternatives the place digital transformation is driving progress.
We’re additionally seeing unimaginable ends in our progress markets. In 2025, the America’s enterprise is about to scale by greater than double. Just like the Americas, in 2025, we count on our EMEA enterprise to proceed on its progress trajectory, doubling business scale.
On the know-how entrance, Synthetic Intelligence (AI) is remodeling how we function as an organization. Utilizing the newest developments in AI, we’re sustaining a best-in-class product expertise, whereas providing a larger breadth of finance capabilities and world protection. We’ll proceed to deploy AI to ship probably the most built-in and superior world monetary functionality on the planet.
2025 shall be a monumental 12 months for Airwallex. With our mixed efforts throughout market enlargement, new product releases, and technological innovation, we’re effectively on our option to constructing an everlasting firm that stands the check of time.
Creating the very best office for our folks
Airwallex’s progress is fuelled by the unimaginable folks behind our mission. In 2024, we continued to extend our expertise density, rising our headcount to over 1,700 gifted people throughout 37 places. As we scale, our working ideas proceed to information us and guarantee everybody works in collaboration in direction of our targets.
We lately launched Airwallex Impression, our new social affect program, underpinned by our Pledge 1% dedication of firm Fairness, Time, Product, and Revenue to assist innovators, entrepreneurs, and financial growth worldwide. I’m thrilled to affix the likes of Atlassian, Canva, Airbnb, Salesforce, and plenty of different world tech leaders dedicated to company philanthropy.
As a part of our dedication, we expanded our worker volunteer program to present every worker three days per 12 months to present again to the communities we serve.
This 12 months we’ll be getting into into our tenth 12 months as a enterprise, and we’ve set formidable targets to make it our most profitable and impactful 12 months but. Enhancing our office expertise is a prime precedence, guaranteeing our groups can thrive and attain their full potential. Our largest asset is our folks, and we stay laser-focused on recruiting, creating, and retaining distinctive expertise — individuals who aren’t solely specialists of their fields, but additionally share our ardour for driving innovation and pushing boundaries.
As we rejoice a decade of innovation and progress, our imaginative and prescient stays clear: to be the worldwide financial infrastructure to empower companies of all sizes to develop past borders. As we rewrite the way forward for world banking, the following decade shall be about rising in new markets and deepening our affect.
Even with all of this success, our journey at Airwallex is simply starting. Thanks to our clients, companions, and workforce for making 2024 such a outstanding 12 months. Right here’s to an excellent brighter 2025!