Airwallex
Airwallex is a global financial technology company that provides businesses with cross-border payments, foreign exchange, accounts, cards, embedded finance and financial-management infrastructure.
Last updated August 31, 2026
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Overview
Airwallex is a privately held financial technology company serving businesses that operate across multiple countries and currencies. Its platform combines international payments, foreign exchange, multi-currency business accounts, local collection and payout capabilities, corporate cards, expense management, payroll-related services, online payment acceptance and application programming interfaces. The company primarily targets internet businesses, software companies, cross-border merchants, marketplaces, platforms, start-ups and other internationally active enterprises rather than consumers seeking conventional retail banking. The company was founded in Melbourne, Australia, in 2015 by five co-founders: software engineer Jack Zhang, architect Max Li, Lucy Liu, Xijing Dai and Ki-Lok Wong. The founders encountered the cost and complexity of cross-border payments while operating a Melbourne coffee business. Zhang had previously worked on digital foreign-exchange platforms for major Australian banks. Airwallex initially developed a proprietary network linking financial institutions and local payment systems, with the aim of making international business payments faster and less expensive. It began with a closed beta and subsequently expanded from foreign-exchange and transfer services into a broader business-finance platform. Airwallex's product model is based on combining a web application, APIs and financial infrastructure. Business customers can hold and exchange multiple currencies, receive money through local payment rails, pay suppliers and employees, issue physical or virtual cards, and connect transaction data to accounting or commerce systems. The company has also pursued embedded-finance capabilities, allowing platforms and software providers to integrate payments and financial services into their own products. Machine-learning tools have been used in parts of the software platform, while generative artificial intelligence was introduced into know-your-customer and onboarding workflows in the late 2020s according to referenced material. Airwallex expanded across Asia, Europe, North America and other markets through licenses, local partnerships and acquisitions. It obtained European access through a Dutch license, entered the United States and Malaysia in 2021, launched in Singapore in 2022, obtained a Chinese third-party payment license through an acquisition in 2023, and later expanded into Mexico, France, New Zealand, South Korea, Germany and other markets. Its international growth has also involved acquisitions such as MexPago, CTIN Pay, PT Skye Sab and Paynuri, although the availability of specific products depends on local regulation. In addition to payments and treasury services, Airwallex has moved into investment products. Airwallex Yield launched in Australia in 2023 for eligible businesses and later broadened following an Australian financial-services license. The offering subsequently expanded to Hong Kong, Singapore and the Netherlands. Airwallex remains privately held and has discussed preparing for a possible public listing, but no listing or ticker is established in the supplied sources. Reported valuations, funding, revenue and transaction-volume figures are included only in dated news records with source links because they are subject to change and are not equivalent to audited annual financial statements.
History
Airwallex was established in Melbourne in 2015 by Jack Zhang, Max Li, Lucy Liu, Xijing Dai and Ki-Lok Wong. The founding problem was practical: a small Australian business faced expensive and slow international payments when importing goods. Zhang brought experience designing digital foreign-exchange systems, while the other founders contributed business, design, technology and architecture expertise. The founders reportedly invested approximately A$1 million collectively and built an initial platform intended to reduce the friction of cross-border settlement. The service began in closed beta and developed a proprietary network connected to banks and local transaction systems. Partnerships and infrastructure relationships included Standard Chartered, DBS Bank and Industrial and Commercial Bank of China. In 2017, ANZ began providing transactional services to Airwallex, and Airwallex technology was used in services associated with Mastercard Send and Tencent WeRemit. The company moved its headquarters from Melbourne to Hong Kong in 2018 and reportedly rejected a proposed acquisition by Stripe. That year it raised US$80 million, one of the largest Australian start-up funding rounds at the time. A 2019 financing round reportedly gave Airwallex a US$1 billion valuation, making it one of Australia’s technology unicorns. During the following period, the company broadened its ambition beyond foreign-exchange transfers. Its platform evolved toward a business-finance infrastructure model sometimes compared in public reporting with a cloud-services layer for financial operations. The product set expanded to include business accounts, local payment methods, borderless cards, APIs, collections, payouts and expense-related tools. Airwallex also developed relationships supporting payroll and rental payments. International expansion accelerated from 2020 through 2022. The company introduced a borderless business card in Australia in 2020, followed by Visa card availability in Hong Kong in 2021 and the United States in 2022. It received a Netherlands license in 2021, began operating in the United States and obtained a Malaysian license in the same year, then launched in Singapore in early 2022. Further private funding in 2021 and 2022 reportedly placed the company’s valuation above US$5 billion. In 2023, Airwallex obtained a Chinese third-party payment license through the acquisition of Guangzhou Shangwutong Network Technology. It also launched Airwallex Yield in Australia, initially for wholesale businesses seeking returns on eligible Australian-dollar and US-dollar balances. The investment product became available to a wider market after Airwallex obtained an Australian Financial Services License in 2024. Airwallex acquired Mexican payments company MexPago in 2023 and continued expanding its regional coverage. During 2024 and 2025, the company entered or announced operations in additional markets, including France and New Zealand, and expanded Airwallex Yield to Hong Kong, Singapore and the Netherlands. It created the Airwallex for Startups grants program in Hong Kong and later extended the initiative to Australia and Singapore. Brand partnerships with McLaren Racing and Arsenal Football Club increased its visibility beyond specialist fintech audiences. The company’s later development included acquisitions intended to provide local infrastructure and licenses. These included an agreement involving Vietnam’s CTIN Pay, the acquisition of PT Skye Sab in Indonesia and the acquisition of South Korean fintech company Paynuri. Airwallex also reported substantial growth in revenue and transaction volume in 2025, although these figures are company-reported and should not be treated as audited financial statements without additional verification. Airwallex’s expansion has also produced regulatory and reputational scrutiny. In 2021, Hong Kong authorities released funds previously frozen in connection with suspicions concerning former clients; the High Court dismissed the relevant suspicions. In late 2025, public allegations focused on possible Chinese government access to United States user data, which Airwallex denied. In January 2026, AUSTRAC ordered a compliance audit concerning anti-money-laundering and counter-terrorist-financing controls. These matters remain important to understanding the regulatory environment around a global payments company with cross-border operations.
- 2026
South Korea and Germany expansion; AUSTRAC audit
[2]Airwallex acquires Paynuri, announces German expansion and faces an AUSTRAC compliance audit.
- 2025
Series F and broader global expansion
[2]The company raises reported growth funding, expands into New Zealand and other markets, and announces partnerships and acquisitions.
- 2024
McLaren partnership and France expansion
[2]Airwallex partners with McLaren Racing and expands into France.
- 2023
China license and Airwallex Yield launch
[2]Airwallex obtains a Chinese third-party payment license through an acquisition and launches Airwallex Yield in Australia.
- 2022
Singapore launch
[2]Airwallex launches in Singapore and continues expanding its business-account and card platform.
- 2021
European and Malaysian regulatory expansion
[2]Airwallex receives a Netherlands license and a Malaysian license and begins United States operations.
- 2019
Airwallex reaches unicorn valuation
[2]A funding round reportedly values the company at US$1 billion.
- 2018
Headquarters move to Hong Kong and major funding round
[2]Airwallex moves its headquarters from Melbourne to Hong Kong and raises US$80 million.
- 2017
ANZ begins transactional services
[2]ANZ begins providing transactional services to Airwallex.
- 2015
Airwallex is founded in Melbourne
[1]Five founders establish Airwallex to address the cost and complexity of cross-border business payments.
Products and positioning
Global financial infrastructure for businesses operating across borders
Business banking and treasury
Airwallex Business Account
A multi-currency account platform for businesses that need to hold, receive, convert and pay funds in several currencies. It is designed to connect account activity with Airwallex’s payment, card, foreign-exchange and financial-management tools, subject to local availability and regulatory requirements.
Payments
Airwallex Payments
Online payment acceptance, international collections, supplier payouts and access to local payment methods. The service is supported through web interfaces and APIs so that businesses and platforms can incorporate payments into commerce, billing and operational workflows.
Corporate cards · 2020
Airwallex Cards
Physical and virtual business cards for employee spending, online purchases, subscriptions and other operating expenses. Card controls and transaction information are designed to work with Airwallex accounts and expense-management processes.
Financial-management software
Airwallex Expense Management
Tools for issuing, controlling and reconciling employee and company expenditure. The product links card transactions with approval processes, receipts and finance workflows to give businesses greater visibility over operational spending.
Financial infrastructure
Airwallex APIs and Embedded Finance
Application programming interfaces and embedded-finance components that enable marketplaces, software companies and platforms to integrate accounts, payments, foreign exchange and related financial functions into their own products.
Business financial services
Airwallex Payroll
Payroll-related functionality and payment services for businesses managing international teams and obligations. Availability and exact features vary by market and regulatory framework.
Investment products · 2023
Airwallex Yield
An investment product that allows eligible businesses to seek returns on certain currency balances without opening a separate foreign bank account. It launched in Australia in 2023 and later expanded to Hong Kong, Singapore and the Netherlands.
Controversies
2026
AUSTRAC compliance audit
AUSTRAC ordered an audit of Airwallex over suspected anti-money-laundering and counter-terrorist-financing compliance issues. An audit order is a regulatory action and does not by itself establish a violation.
2025
Allegations concerning Chinese data access
Keith Rabois alleged that Airwallex’s corporate links to China could expose United States user data to the Chinese government. Airwallex rejected the claims, and a United States senator requested an investigation.
2021
Hong Kong frozen-funds case
Hong Kong authorities froze funds linked to former Airwallex clients amid money-laundering suspicions. The High Court dismissed the relevant suspicions and approximately HK$18.2 million was released to Airwallex.
Marketing campaigns
- 2025Arsenal finance software partnership
International
Airwallex became the official finance software partner of Arsenal Football Club, extending its brand marketing into global sports.
Outcome. Partnership announced.
- 2024McLaren Formula 1 partnership
International
Airwallex entered a multi-year partnership with McLaren Racing and received branding visibility on the Formula 1 team’s livery.
Outcome. Brand partnership announced.
- 2023Airwallex for Startups
Hong Kong · Australia · Singapore
A grants and support program for start-ups, launched in Hong Kong and later expanded to Australia and Singapore. The initiative positioned Airwallex as a financial partner for early-stage companies with international ambitions.
Outcome. Expanded to additional markets; the company reported substantial participation in Australia.
Brand decisions
2023
Acquisition supporting a Chinese payment licenseM&ABackground
Access to local payment infrastructure was important for serving businesses in China.
Action taken
Airwallex acquired Guangzhou Shangwutong Network Technology and secured a third-party payment license.
Aftermath
The transaction expanded Airwallex’s regulated payment capabilities in China.
2023
Launch of Airwallex YieldProduct launchBackground
Businesses holding currency balances sought ways to earn returns without opening additional foreign bank accounts.
Action taken
Airwallex launched Yield in Australia for eligible wholesale businesses.
Aftermath
The product later became available to a broader market after an Australian financial-services license and expanded internationally.
2018
Shift toward a broader financial platformStrategyBackground
Airwallex had begun with cross-border payments and foreign exchange but saw an opportunity to serve wider business-finance workflows.
Action taken
The company expanded its platform toward accounts, cards, APIs, local payment methods and other infrastructure services.
Aftermath
Airwallex increasingly positioned itself as business financial infrastructure rather than only a foreign-exchange provider.
Recent events
Reported
Qantas Business Money service launch announced[3]
Airwallex and Qantas announced Qantas Business Money, a service for eligible Qantas Business Rewards members offering global payment capabilities and points. The article reports that it followed a successful trial with 170 businesses.
Reported
Airwallex and Qantas partner on Qantas Business Money[3]
Airwallex partnered with Qantas on Qantas Business Money, a service for eligible Qantas Business Rewards members that allows SMEs to make global payments and earn points. The service launch followed a successful trial with 170 businesses.
Reported
Airwallex partners with Naomi Simson[4]
Airwallex announced a partnership with entrepreneur Naomi Simson to support Australian small and medium-sized businesses through a “Choose Growth” campaign, including events, advice guides and one-on-one sessions.
Reported
Airwallex Visa Card launched in Hong Kong[5]
Airwallex and Visa launched the Airwallex Visa Card for businesses in Hong Kong, allowing Airwallex customers there to generate multi-currency virtual cards for payments to suppliers and online subscription services.
- Unconfirmed
Reported
Airwallex completes acquisition of UniCard[6]
Airwallex announced that it completed its acquisition of UniCard. The article does not specify when the acquisition completion occurred.
Reported
Airwallex launches online card acquiring in Hong Kong[7]
Airwallex launched an online card acquiring service in Hong Kong, enabling local merchants to accept online Visa and Mastercard payments from buyers worldwide.
Reported
Xingye Bank and Airwallex agree to cooperate[8]
Xingye Bank and cross-border e-commerce service provider Airwallex reached a cooperation agreement to combine financial services with cross-border e-commerce services.
Reported
Hong Kong Monetary Authority approves Airwallex as UniCard controller[6]
The Hong Kong Monetary Authority agreed to Airwallex becoming a shareholder controller of UniCard on February 23, according to Airwallex's announcement.
Reported
Airwallex rolls out WeChat Pay payment option[9]
Airwallex rolled out a payment option that enables merchants to accept WeChat Pay on their ecommerce platforms. The offering is available in Australia, Singapore, and Hong Kong.
Reported
Airwallex and Xero form a partnership for SMB payments[10]
Airwallex announced that it had formed a partnership with Xero to help its small-to-medium business customers reconcile domestic and international payments. The integration was live in Australia, with availability in the UK and Hong Kong planned later in 2020.
Sources11 sources
- 1Airwallex official company informationairwallex.com
- 2Airwallexen.wikipedia.org
- 3Qantas Business Money服务推出消息smartcompany.com.au
- 4Airwallex与Naomi Simson建立合作fnarena.com
- 5云汇Visa卡在香港推出finance.sina.com.cn
- 6Airwallex完成对UniCard的收购prnasia.com
- 7Airwallex在香港推出线上卡收单服务prnasia.com
- 8兴业银行与空中云汇达成合作共识finance.people.com.cn
- 9Airwallex推出微信支付选项thepaypers.com
- 10Airwallex与Xero建立面向中小企业支付业务的合作crowdfundinsider.com
- 11Airwallex Launches New Payment Acceptance Service In Australia, Hong Kong, & Singapore With WeChat Pay | Crowdfund Insidercrowdfundinsider.com
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