Plerion secures financial fortitude with Airwallex Yield and FX

Plerion is an Australian startup with a mission to simplify cloud security. The business is a result of an epiphany from the company’s founder;  “What if I could build a product that could help customers identify risks that really matter, instead of best practices?”

In mid-2023, the company raised USD$10 million to support its rapid global expansion. It's also become the first Australian-headquartered software company to achieve Amazon Web Services (AWS) Security Competency status, recognising Plerion’s deep technical expertise of security in AWS. 

We spoke with Cynthia Cheung, Chief of Staff at Plerion, to learn how Airwallex has been pivotal in streamlining their financial operations. 

Time lost to old-school banking

Like many other startups, Plerion first turned to traditional banks to service their financial needs. But as the company grew globally and their customers had greater needs, time-consuming challenges started to emerge.

The lack of intuitive and simple platforms by banks made it difficult for Plerion to navigate complex financial and accounting operations, leading to the team losing hours on the phone to the bank.

“Traditional banking platforms led to inefficiencies and a higher potential for errors in financial management,” Cynthia explains. 

Busting inefficient admin

To solve these challenges, Plerion onboarded Airwallex to manage their international transactions and currency exchanges. Using Airwallex’s multi-currency account allowed Plerion to access international markets simply without hidden fees or unnecessary admin. 

Cynthia Cheung

Chief of Staff

“AWX has saved many hours for our co-founders so they can focus on their remit like customers, innovation and product by allowing me to look after everything end to end when it comes to our bank process.”

‌Airwallex was able to help Plerion slash admin time and costs, as their traditional banking solution was charging higher transaction fees and “unfavourable rates”. “Managing payments to our overseas entities and vendors was way less cumbersome and didn't incur high fees and unfavorable exchange rates,” says Cynthia. 

With Airwallex’s, Plerion unlocks our low 0.5-1% FX rate and fast, local transfers to 120+ countries, allowing them to “optimise their financial resources”. We pride ourselves on maintaining competitive foreign exchange rates and low fees to help businesses streamline their financial operations to focus on their customers and core mission. 

Yielding competitive returns 

Another challenge Plerion faced with their provider was that “term deposits offered relatively low interest rates”. This is a common reason why small businesses can't maximise potential earnings on their idle funds.

Airwallex Yield is the high-rate savings solution that Plerion incorporated to grow their balances easily at competitive rates. At the time of writing (Oct, 2024), rates of return are 3.61%* on USD and 3.7%* on AUD. It was “quick and easy to set up” Cynthia describes. 

Cynthia Cheung

Chief of Staff

“Airwallex Yield didn’t require our funds to be locked in for a set period, there was no limitation on our access to liquidity when we needed it.”

Through earning higher returns with Yield, Plerion was able to use the additional income to “reinvest to fuel further growth”. Our Xero integration also makes keeping a real-time view of returns simple. Cynthia describes it as a “seamless” way to check on the generated revenue each month.

Cynthia Cheung

Chief of Staff

“It's very convenient and as a start-up that is growing slowly, Airwallex is able to support those financial operational needs - making things more efficient and effective.”

We’re always at your service

We know that busy business leaders don’t have the time to sink into convoluted implementation processes. That’s why we’ve made getting started or upgrading your service with Airwallex a piece of cake, whether you’re using our support system or working with an account manager.

“Getting started was super quick and easy,” says Cynthia. “Our account manager, Justin, has been really helpful and supportive not just in the onboarding for the Yield product but everything that has to do with AWX when needed.”

Again, Cynthia’s team has found problem-solving to be a dream compared to their experience with the banks. “Sometimes with traditional banking, it requires a phone call and several hours on hold before something gets solved,” she says. “With AWX, it's a support ticket, reaching out to your AM for help.”

Out with the old, in with the new

Feeling inspired by Plerion’s choice to align with a financial provider that champions growth? We’re honoured to be working with an incredible Aussie company, and we’d love to work with you too! 

If you’re a startup founder, learn more about how Airwallex can supercharge growth for startups. Otherwise, get started with us today by signing up now. 

Disclaimer: The information contained herein is factual information only and is not intended to imply any recommendation or opinion about a financial product. The Airwallex Yield Liquidity Fund (Yield) is issued by K2 Asset Management Limited (K2) (ABN 95 085 445 094, AFSL No 244393), a wholly owned subsidiary of K2 Asset Management Holdings Limited. This information doesn’t take into account your objectives, financial situation, or needs. Read the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for Yield, available at www.airwallex.com.au/terms from Airwallex Capital Pty Ltd (ABN 37 609 653 312, AFSL No. 549026). All investments carry risk. *Target returns are net of fees as at 01.10.2024 (AEDT) and indicate past 1-day annualised returns of the relevant underlying JPMorgan Liquidity Funds.