Airwallex, a global financial platform, reported significant growth in 2024.
The company’s annualised transaction volume rose from US$100 billion in August to US$130 billion just three months later, following its ARR surpassing US$500 million.
This marks a 73% year-over-year increase in transaction volume.
During the same period, Airwallex‘s ARR climbed from US$500 million to US$600 million.
Airwallex now serves over 150,000 businesses, a 50% increase from the previous year.
The company continues to expand its global footprint, with approvals in Australia, Singapore, Hong Kong, Japan, New Zealand, the UK, the US, Canada, mainland China, Malaysia, Mexico, and Brazil.
It recently obtained a payment institution license in Brazil and secured approval to acquire MexPago, a Mexico-based payment service provider.
As part of its Latin America push, Airwallex plans to integrate with Brazil’s PIX instant payment network, which is expected to account for 40% of the country’s online payments by 2026.
The company has also broadened its product offerings, launching Airwallex Yield, Global Entity Management, and a credit card product.
After debuting in Australia, Airwallex Yield is now expanding to Hong Kong, with further rollouts planned.
It is also developing Spend and Billing, two of its newest products.
Since Q1 2024, Airwallex’s quarterly year-over-year gross profit growth rate has accelerated from 40% to 78%, with Corporate Cards and Payments now contributing over 50% of commercial gross profit.
Looking ahead to 2025, Airwallex expects its Americas business to scale by more than double, while EMEA will continue on its current growth trajectory.
The company is investing in AI to enhance product experience, expand finance capabilities, and improve global coverage.
As part of its Airwallex Impact initiative, backed by its Pledge 1% commitment of equity, time, product, and profit, employees are now given three volunteer days per year to support community efforts.
Airwallex’s workforce has grown to over 1,700 employees across 37 locations.
Jack Zhang, CEO and Co-founder or Airwallex said in a blog post,
“This year we’ll be entering into our 10th year as a business, and we’ve set ambitious goals to make it our most successful and impactful year yet. Enhancing our workplace experience is a top priority, ensuring our teams can thrive and reach their full potential. Our biggest asset is our people, and we remain laser-focused on recruiting, developing, and retaining exceptional talent — people who aren’t only experts in their fields, but also share our passion for driving innovation and pushing boundaries.
As we celebrate a decade of innovation and growth, our vision remains clear: to be the global economic infrastructure to empower businesses of all sizes to grow beyond borders. As we rewrite the future of global banking, the next decade will be about growing in new markets and deepening our impact.”
Featured image credit: Edited from Freepik
