- Despite a broader slowdown in the tech industry, Airwallex continues to show strong growth.
- The company’s annual revenue run rate nears $500 million, with operations reaching cash flow positivity.
- North America plays a crucial role in driving the company’s ongoing success.
San Francisco, August 16, 2024 – Airwallex, a prominent global payments and financial platform tailored for modern businesses, has surpassed an impressive $100 billion in annual processing volume, reflecting a 73 percent increase from the previous year. This significant growth has been observed across all of Airwallex’s product lines, including payments, foreign exchange, payouts, and issuing. The company’s annual revenue run rate is now approaching $500 million, marking a significant milestone shortly after achieving cash flow positivity at the end of 2023. This financial success underscores Airwallex’s strong product-market fit, extensive global infrastructure, and ongoing market expansion.
Jack Zhang, Co-founder and CEO of Airwallex, commented, “Surpassing the $100 billion mark and achieving cash flow positivity reinforces our belief in the strength and scalability of our business model. While many sectors of the tech economy are experiencing a slowdown, the demand for payment and financial services supporting global businesses remains robust. We’re proud of the progress we’ve made over the past nine years, and we’re more determined than ever to help millions of global businesses expand their operations across borders.”
Airwallex Strengthens Presence in the Americas
The Americas have played a pivotal role in Airwallex’s global success, with revenue in the region increasing by more than 300 percent year-over-year. Throughout 2024, Airwallex has significantly expanded its presence in the U.S., Canada, and Latin America, establishing a permanent U.S. headquarters in San Francisco, opening new offices in Austin and New York, and growing its teams in Toronto and São Paulo.
In the United States, Airwallex has made substantial investments in local compliance infrastructure, securing Money Transmitter Licenses (MTLs) or exemptions in 49 states and territories. This strategic move allows Airwallex to connect more directly with its customers and manage financial operations with enhanced flexibility.
Operating across borders presents significant growth opportunities for businesses of all sizes, enabling them to accelerate international expansion, optimize supply chains, and attract top talent. Airwallex’s offerings tap into a total addressable market that is projected to exceed $570 billion by 2027.
Ravi Adusumilli, Executive General Manager for the Americas at Airwallex, added, “At Airwallex, our core philosophy is to build native infrastructure in every market we enter, minimising reliance on third parties and intermediaries. We’ve established a strong local licensing and financial infrastructure in the U.S. and will continue to expand our network across the Americas. This approach allows us to serve our customers ‘like a local,’ enabling them to grow their businesses globally, seamlessly, and cost-effectively. By doing so, we’re able to save our customers $300 million in fees each year.”
In 2023, Airwallex expanded into Canada and announced plans to enter the Mexican market through the acquisition of MexPago, a payment service provider based in Mexico. Airwallex now employs over 1,500 people across 23 locations worldwide, including more than 100 team members in San Francisco, New York, Austin, Toronto, and Brazil. The company plans to continue expanding its footprint in the Americas to support its growing customer base of over 100,000 businesses, including well-known brands such as BILL, Brex, Deel, Navan, Rippling, and SHEIN.
