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Aussie unicorn Airwallex stuns again with 115% revenue increase this year

Leading global financial platform Airwallex delivered a 115 percent increase in revenue across Australia and New Zealand YoY. The progress comes as Airwallex delivers global revenue growth of 120 percent YoY and global transaction volume growth of 77 percent YoY.

The revenue and transaction volume velocity demonstrates the speed of Airwallex’s growth driven by its expansion into supporting a wider variety of businesses with their payments and financial operation needs.

Airwallex General Manager for Australia and New Zealand, Luke Latham, who was appointed to the role earlier this month, said the figures highlighted that the business community was “crying out” for partners that would boost their productivity.

“In the current economic environment, businesses face immense internal pressure to grow while reducing overheads. That’s exactly why Airwallex’s global financial platform is proving to be  appealing to so many,” Latham said.

“Historically, financial management has required businesses to leverage a number of products or services to meet their requirements, particularly when operating multinationally.

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“Airwallex provides a transparent and unified platform that helps businesses reduce the overheads of operating globally.

“Today, more than 70 percent of our customers in Australia and New Zealand use multiple products like online payments, business accounts, treasury management, corporate cards and expenses. They can also leverage our embedded finance solutions to provide financial services to their customers natively in their products.

“In Australia and New Zealand, 98 percent of our customers’ transactions are completed using Airwallex’s proprietary infrastructure rather than the SWIFT network. This secure and reliable infrastructure is our superpower, allowing us to deliver faster, cheaper and more efficient money movement for our customers.

“In Australia, when customers deposit funds into an Airwallex business account, the entire amount of those funds are guaranteed by an authorised-deposit taking institution (such as a bank), with the benefit of that guarantee held by an independent trustee on your behalf. To achieve this, Airwallex holds your money in an ADI account where it is not available to Airwallex’s creditors. Airwallex cannot lend or use your money for other purposes, such as to fulfil operational needs or to invest in assets. That means that whenever customers wish to withdraw money or make a payout from their Airwallex account, that money will be available.”

Latham said Airwallex had opened a second Australian office in Sydney this month, in addition to its local base in Melbourne, as the team grows to support more customers.

“We now have around 200 staff in Australia and 1,400 globally, with plans to continue to grow our workforce and our new Sydney office is an important part of that future,” Latham said.

Airwallex in Australia and New Zealand now has a customer base of more than 15,000, adding a range of customers recently including Kogan, Freelancer.com, Camilla and EUC. They join other Australian and New Zealand Airwallex customers including Qantas, Culture Kings, Stake, Mr Yum and Employment Hero.

Airwallex started in Melbourne in 2015 and this month officially opened a new office in Sydney as well. The business was valued at US$5.6 billion at its October 2022 Series E extension fundraising.

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