Rezdy (Group) bridges bookings and borders for global growth

Rezdy is a trailblazer in the global tourism and experiences industry undergoing a major transformation. Following a merger that united three brands across different countries, the Group faced a new challenge: how to unify global financial operations to support its bold vision for growth. 

With plans to launch an exiting new version of our combined product strengths, that would revolutionise the market, the Group needed a financial partner that could match its global ambitions. 

Hands tied by the complexities of managing global finances

As the Group merged and finance expanded its footprint across Australia, Canada, the United States, and Europe, the financial management of the business became more and more challenging. The finance team found themselves juggling multiple banking relationships in different countries, dealing with significant foreign exchange fees, and struggling with time-consuming manual processes.

Jonathan Sok, Senior Finance Manager at Rezdy, said the business was being held back by the inefficiencies of traditional banking systems. “We were dealing with different banking systems in different countries, which was confusing, inefficient, and expensive,” said Jonathan. 

“For example, moving money from Rezdy US to Rezdy Australia would take 24 hours or more. We were losing out on foreign exchange losses and banking fees involved with international transactions.” 

As a result, the finance team were spending hours each week managing multiple banking relationships and addressing the delays and costs associated with cross-border transactions.

As Rezdy underwent the merger and consolidated its financial operations, it became clear that traditional banks could no longer meet their changing needs. Recognising the urgency for change, Rezdy's CFO began searching for a solution that could handle the complexities of a multinational business with ease and efficiency.

Bringing together global financial operations under one platform

Rezdy chose Airwallex for its ability to address both its immediate and long-term business needs. 

The platform's seamless integration with Rezdy's existing systems, including Xero and NetSuite, offered a centralised hub for managing all accounts and transactions. The impact on Rezdy's operations was both swift and significant.

The first major play was setting up multi-currency accounts, allowing the business to hold and transact in multiple currencies without the need for separate overseas bank accounts or paying costly currency conversions. 

Following that, thanks to the Account Group function, Rezdy can now move money between its entities instantly, saving time and reducing the risks associated with fluctuating exchange rates.

Jonathan Sok

Senior Finance Manager, Rezdy

"The biggest gains for us were in timing and cost savings. With Airwallex, we can transfer money instantly between our entities without losing out on currency exchange or incurring hefty bank fees."

Streamlining supplier payments

Airwallex’s ability to save supplier details and automate transactions further streamlined financial operations, reducing the finance team's manual workload.

Jonathan Sok

Senior Finance Manager, Rezdy

"We've seen significant time savings, especially with accounts payable. What used to take half an hour or more each week per entity, we can now do in a fraction of the time."

Processes were also simplified in expense management, as Airwallex seamlessly integrated with Rezdy's accounting systems – first Xero and later NetSuite.

Building a solid foundation for growth

Rezdy's switch to Airwallex has brought clear, measurable improvements to its financial operations. The platform's instant fund transfers and multi-currency management have significantly reduced costs, saving the business tens of thousands each year. 

"We’re saving over $1k a month just on currency conversions and bank fees. Multiply that by three entities, and we’re looking at about $3,000 a month in savings."

The benefits for Rezdy extend beyond cost savings, with the team also saving time on administrative tasks. "Our biggest gains were timing. We can do things a lot faster, and we're not losing out on currency conversion as much. The fact that we can log into one platform for everything is a game-changer," said Jonathan.

Jonathan Sok

Senior Finance Manager, Rezdy

"The support from Airwallex has been fantastic. They’ve been with us every step of the way, ensuring that our systems are set up correctly and running smoothly. Their responsiveness and willingness to help have been crucial to our success."

Moving forward together

As Rezdy continues to grow and evolve, Airwallex remains a key partner in its journey. “We're consolidating all three brands and getting onto the same accounting system, chart of accounts, and banking platform.” 

“We can see everything that’s going on for the business from a financial perspective. We're no longer separate brands working next to each other anymore—we're one brand working towards a common goal.”

Looking ahead, Rezdy plans to take advantage of more Airwallex features, such as the reimbursement function. These tools will further enhance their financial management capabilities, allowing them to operate more efficiently and effectively.

"We’re excited about the new features Airwallex is rolling out. The upcoming features are exactly what we need as we continue to grow and integrate our brands."

Embracing innovation for long-term growth

Jonathan has a clear message for other businesses facing similar challenges: don’t be afraid to explore new solutions. 

Traditional banking systems may seem like the safest option, but they’re often not the most efficient. By staying open to new technologies and platforms, businesses can find more effective ways to manage their finances and support their growth.

"The right solution isn’t always the traditional one," Jonathan advises. "It’s important to always look for ways to improve and to stay open to new ideas and technologies—because what works today might not be the best solution six months from now."

Ready to streamline your global financial operations? Learn more about how Airwallex works, or sign up to get started today. 

Disclaimer: The information contained herein is factual information only and is not intended to imply any recommendation or opinion about a financial product.