Airwallex, a global financial technology platform, reported a 153% year-on-year revenue increase in Singapore for FY2024.
The company attributed the jump to strong transaction volumes and a particularly robust fourth quarter.
The global payments and financial platform said revenue in Q4 2024 rose 215% year-on-year, while transaction volumes were up 192% during the same period.
Over the full year, Singapore’s transaction volume increased by 159%.
Airwallex expanded its local presence in 2024, growing its Singapore headcount by 58%.
The firm also added a new floor to its Guoco Tower office to accommodate teams across corporate, commercial, and product, engineering and design (PED) functions.
The PED function saw the most growth, with a 98% increase in staff as the company invested in AI, data, and engineering capabilities.
The company also broadened its customer base, supporting local and regional businesses including Endowus, Love, Bonito, Mighty Jaxx, EU Holidays, Far East Flora, and Huber’s Butchery.
Airwallex, which moved its global headquarters to Singapore, began 2025 with over 250 employees based in the city-state.
The firm also recently launched operations in New Zealand and acquired Vietnam-based payment firm CTIN Pay.
It reported more than US$600 million in annualised revenue and over US$130 billion in annualised transaction volume globally.
“2024 marked a new phase of growth for us in Singapore and across the region. Our 2024 performance in Singapore shows what’s possible when businesses have access to powerful financial infrastructure.
Our unrivaled tech platform and infrastructure spanning the globe provide businesses here with the solution they need to unlock their cross-border opportunities.”
said Lucy Liu, President and Co-founder, Airwallex.
A recent study by Airwallex of 250 Singapore SMEs found that rising costs, manpower shortages, and cross-border growth were key priorities heading into 2025.
The survey also revealed that 96% of local SMEs are already using or plan to adopt digital and fintech tools, highlighting growing trust in modern financial platforms.
Featured image credit: Edited from Freepik
