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The payments platform attributes growth to strong product offerings and has flagged plans for further expansion.
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Airwallex posts 93% revenue surge in Australia
01 July 2024
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Airwallex recorded a 93 per cent increase in revenue last year across its Australian and New Zealand business, it announced in a statement last week.
The Tencent-backed fintech, now based in Singapore, said its global revenue also rose by 84 per cent, with a 68 per cent growth in transaction volumes.
Airwallex said its growth in Australia and New Zealand was aided by demand for its strong product offerings, having experienced “significant momentum” in the past financial year with the launch of high-interest returns account Airwallex Yield.
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The product, developed in partnership with JP Morgan, offers an “Australian-first” return of 3.39 per cent on Australian dollar balances and a 4.07 per cent return on US dollar balances, exceeding rates offered by major banks.
“Despite a tough macroeconomic environment, our continued growth across Australia and New Zealand is testament to our strong product fit for modern businesses seeking to scale,” Kai Wu, chief revenue officer and Asia-Pacific executive general manager, said.
“Australia will always be an important market for us – not just because it’s where we started, but because its history as a payment innovation incubator makes it fertile ground for Airwallex to introduce revolutionary solutions like Yield and Airwallex for Startups.”
Airwallex became cash flow positive in 2023 and has since continued to scale its global operations and presence, now processing more than US$90 billion in transactions.
It was valued at $US5.6 billion ($8.3 billion) as of its last capital raise, with co-founder Jack Zhang predicting it would bring in $350 million of annual recurring revenue in 2023.
Wu said Airwallex would be looking to continue expanding its local presence to help support its expanding customer base.
“We’re excited to continue to invest in expanding our presence in Australia and New Zealand,” Zhang said.
“Businesses of all sizes – from start-ups to enterprises – are under pressure to grow at breakneck speed and meet evolving customer needs, and so we remain committed to delivering the best solutions for our customers and partners in Australia and New Zealand and beyond.”
Airwallex was founded by four friends from the University of Melbourne in 2015 to facilitate cross-border payments for businesses and has since grown its customer base to over 100,000 businesses worldwide, with local users including Qantas, Stake and Kogan.
It has over 1,500 employees across 23 locations globally, including 200 in Sydney and Melbourne.
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