Since its launch in Singapore back in January 2022, Airwallex has gained unprecedented traction that indicates a strong product offering amid a competitive global payments market. Its remarkable growth and achievements can be attributed to its talented and diversified team, its product market fit, and the ability to form key strategic partnerships.
With the continued promise of frictionless global payments and financial operations, Airwallex celebrates its success and growth as it closes out in 2023. This puts the company in a remarkable position to continue to scale and build lasting impact among its partners.
Strong financial growth in an increasingly competitive global market
Airwallex Singapore’s strong growth momentum saw 13x growth (1,213%) in year-on-year revenue and more than 11x growth (1,015%) in total transaction volume. The Australia-founded fintech company shared that Singapore is one of its fastest-growing markets to date and is named as the site of its global headquarters. Ranked as the number one country in Asia with the most promising startup ecosystem, Singapore has become a springboard market to Southeast Asia and the Asia-Pacific region.
Kai Wu, Airwallex’s chief revenue officer and Asia-Pacific (APAC) executive general manager, cites the city-state as a gateway for the company into the Southeast Asia region, and as the business continues to strengthen its presence in its core markets, as well as consider future expansion across the APAC region.
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Airwallex has been able to stay competitive in an increasingly crowded payment space by offering a comprehensive and tailored suite of products and offerings designed for expanding businesses ranging from small and medium enterprises (SMEs) to larger enterprise customers. The payment platform’s solutions encompass online payment acceptance, global accounts, borderless cards, and various application programming interfaces (APIs). The high adoption rate is largely spurred by Singapore’s continuous recovery from the pandemic and reopening of the world. Their clients are also affected by this boost, as ads in digital software, e-commerce, travel and business services are also experiencing a post-pandemic resurgence.
Strategic customer and partnership wins cement Airwallex’s status as a leading provider
Airwallex has been able to attract strategic customers and partnerships because of its ability to customise and tailor solutions to the needs of the business. One of its recent milestones is being chosen as a partner by Kris+, the lifestyle and loyalty app of Singapore Airlines and one of the largest marquee local brands in Singapore.
Kris+ will use Airwallex’s Payments for Platforms offering in Australia, which empowers the lifestyle brand to collect card payments at their physical points of sale through QR code scans. Through Airwallex, Kris+ will also be able to seamlessly facilitate payouts to its partner merchants in Australia, including popular brands Benjamin Barker, The Ugg Shop, D1 Store and 124 shoes. Users are encouraged to download the Kris+ app to earn points from both domestic and international flights and redeem miles at a range of cafes, restaurants, and retailers.
This year, Airwallex also announced its collaboration with GoCorp (Gojek for Business) in Singapore. Companies will be able to better track their employee’s business travel spending through the Airwallex Borderless Cards, which can help streamline the process of expensing and reimbursing corporate ride-share claims. Issuing borderless cards to employees aims to simplify claims and increase management visibility and control. Merchants who sign up to be a customer of Airwallex and GoCorp can stand to receive up to 10% off — with a limit of $200 per month — in cashback and vouchers.
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With the gradual recovery of the tourism industry, Airwallex has also supported a number of travel agencies and operators, including EU Holidays, one of the largest travel agencies in Singapore. Co-founder Alan Ang launched EU Holidays in 2010 and built its reputation as Singapore’s only Europe-specialised travel agency. Through their openness to adopting new technology, EU Holidays grew from an initial team of 5 to a robust 150+ employees. They also expanded their offerings with package tours to East Asia, the Middle East and Africa.
EU Holidays’ innovation strategy includes onboarding financial technology to boost profit margins, which is achieved using Airwallex for global payments. Through the Airwallex multi-currency account and partnership with local payment rails in 110+ countries, agencies like EU Holidays can pay like a local. This includes paying overseas suppliers in their local currencies, which helps them avoid SWIFT fees that typically come with cross-border transactions. Airwallex’s favourable foreign exchange rates and ability to pay like a local boosted profit margins by an impressive 30 points.
EU Holidays also benefitted from streamlined expenses with multi-currency Borderless Cards. This translates to 60% of the time saved on accounting and manual reconciliation by issuing Airwallex Borderless Cards to employees and setting custom spending limits and control to avoid unnecessary spending, creating a seamless end-to-end payment experience for users. In addition to the Borderless Cards, EU Holidays also leverages Airwallex’s end-to-end solutions through its payment links and Bill Pay offering which allows them to upload, approve, pay and reconcile their local and international bills all through Airwallex’s single platform.
As the company continues to experience tremendous growth momentum in Singapore, Airwallex also continues to grow internationally. It recently announced its planned acquisition of MexPago and expansion into Latin America, with several key partnership wins in the U.S. and EMEA, including Brex, Public, and OurCrowd, and the launch of its ‘Airwallex for Startups’ program in Hong Kong.
Airwallex’s dedicated team recognised by HR Asia’s ‘Best Companies to Work For in Asia 2023’
Their growing team is the driving force behind these achievements. Airwallex caps off a strong end to the year by being named in HR Asia’s list of ‘Best Companies to Work For in Asia 2023’ in Singapore. Companies were ranked by their employees on metrics ranging from workplace happiness and team cohesion to employee advocacy and continued job motivation. The top 50 companies who made the cut-off point this year are then named to the list.
This comes off the back of Airwallex recently launching its new Operating Principles, designed to bring out the best in their work, their interactions with each other, and their customers and partners so they can continue to build a generational company.
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Airwallex’s growth story in Singapore exemplifies the transformative potential of fintech innovation when coupled with a customer-centric approach. The company’s success underscores its ability to meet the evolving needs of businesses in an increasingly competitive global market. Airwallex’s commitment to providing tailored solutions positions the company as a key player in facilitating seamless financial transactions in Southeast Asia and beyond.
About Airwallex
Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spending management to embedded finance.
With its 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.
Airwallex empowers businesses to grow beyond borders, affirming their commitment to excellence in every facet of their business. For more information, visit https://www.airwallex.com.
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This article is produced by the e27 team, sponsored by Airwallex
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