StudioSpace designs financial success with Airwallex

Historically, big brands have faced their fair share of friction when sourcing external talent through marketing and creative agencies. Selection processes can be too confusing and onboarding too lengthy, leading to projects being delayed and opportunities missed.

StudioSpace is changing this by vastly simplifying the process of working with new agencies,  rapidly establishing itself as a global leader in agency marketplaces. Founded in early 2022, it operates as a matchmaking platform for senior marketers who need to quickly find and integrate pre-vetted marketing and creative teams into their operations.

We spoke to Co-Founder and COO, Robin Scarborough about how Airwallex has been a crucial part of StudioSpace’s success strategy in Australia and key growth markets like the US, streamlining its financial processes and enabling seamless expansion.

Providing creative solutions for brands of all sizes

According to Robin, StudioSpace has an impressive 350 agencies on its platform and services around 30 large corporate clients, including brands like Google, HSBC and Jaguar Land Rover.

“What we offer the big brands that are typically our customers is an easy way to find the perfect match when looking for an agency for their project,” he says. 

“Even more valuable is our single supplier contract which removes all the friction and delays and brings flexibility to how clients typically procure and contract with external suppliers.” 

In a nutshell, StudioSpace sets up an “umbrella contract” with each enterprise or corporate client it works with, allowing access to hundreds of specialist agencies through a centralised supplier arrangement. This removes the need to onboard additional suppliers for every new project with a different agency through StudioSpace.

“As the main service provider, we also guarantee the work of those agencies to the client and we vet the agencies we bring onto the platform very closely,” Robin adds.

Partnering with Airwallex from the outset

Robin Scarborough

Co-Founder and COO, StudioSpace

“As soon as we started the company we set up with Airwallex. We haven’t ever had any other banking relationship here in Australia. We also use it in the US and it’s a core plank of our financial operations.”

Robin came across Airwallex in a previous role as a product development consultant in financial services and was aware of its advantages over the big banks. 

“It was the obvious choice when we were setting up operations because I knew it was going to be me doing everything at the beginning and I wanted a platform that was simple and easy to use,” he says.

“More than that, we needed a solution that could effectively manage payments in and out of different currencies. This is because we were operating in the UK and Australia from day one and transacting with agencies in multiple locations. A good FX solution would be key to our operations.”

Not only did Robin appreciate Airwallex’s “one-stop-shop” capabilities, he also knew from experience that setting up and onboarding with some of the established banks could be slow and painful. “As a new startup – and managing cash flow and payroll on my own in the early days – we didn’t have time for those delays.” 

As the business grew and new suppliers and customers came on board, the ease of transacting across borders through immediate account creation, affordable exchange rates and a host of added features became a key part of StudioSpace’s success.

Successfully scaling with Airwallex

Robin Scarborough

Co-Founder and COO, StudioSpace

“The good thing is that Airwallex has scaled with us. It continues to work well and we’ve integrated it with our Xero account which has made our financial systems so much more seamless.”

Fast forward to 2024 and StudioSpace now comprises a team of around 25, with 15 core employees and additional partnerships with developers and accounting/finance staff.

“The transition from handling the financial operations myself to the point where we needed to use a finance team as we grew was easy and intuitive,” Robin tells us. “There wasn’t a great deal of training needed – I just set them up with user accounts and they picked things up immediately.”

He adds, “Because we run the business as a global P&L, the way we manage working capital is important. Using Airwallex to centralise the Australian and US operations has been a great solution for handling everything in one place and being able to see where we’re at across those individual P&Ls.” 

“Our finance team has found Airwallex so valuable that they've continued to adopt its features for their operations. Looking ahead, as we develop the next version of our marketplace platform, we’re integrating further automation powered by a combination of Airwallex and Xero.”

Why startups and scaleups like StudioSpace love Airwallex's features

Robin Scarborough

Co-Founder and COO, StudioSpace

“Airwallex is flexible, responsive and it works!”

Drawing from StudioSpace’s experience, Robin highlighted the following Airwallex features as being particularly helpful for startups and scale-ups to streamline their processes and accelerate growth:

Easy set-up

“It’s simple, straightforward and fast to get up and running. When you’re starting out and running a lean team, those benefits are truly valuable.”

Time savings

“The features are easy to “turn on” and make use of. If you’re doing business across borders, the ability to instantly open foreign currency accounts and get local banking details to share with your customers or suppliers is a great advantage.” 

“And it’s so much easier than the traditional process of opening accounts. As an entrepreneur, the time-saving benefits mean a lot.”

Value-added features

“Features like virtual, customisable expense cards offer the perfect flexibility for startups. As our team has grown, issuing card details to team members so they can transact independently has been an important enabler.” 

“At the same time, the ability to set controls so that spending doesn’t have to be monitored continually is a plus.”

Real-time financial oversight

“The ability for a finance team to get a real-time picture of finances, and have a solution that integrates seamlessly with accounting software saves so much time and effort.”

A word of advice for startups

It's always valuable to get insights and insider tips from those who’ve been in the trenches. So, we asked Robin to share his top advice for others beginning their startup journey.

He emphasises the importance of prioritising your efforts in the early days of your venture.

Robin Scarborough

Co-Founder and COO, StudioSpace

"My advice to new startups is to focus on the simplest version of your solution that works. Make sure it operates effectively on a small scale first. Stay committed to your core idea and try to avoid distractions until you’ve gained some traction. In other words, keep your big vision in mind, but nail the basics first."

If you’re eager to gather more tips and support, Airwallex for Startups is your go-to resource. Designed specifically for budding entrepreneurs, the program offers expert advice, tools, and resources. 

But first, take a leaf out of StudioSpace’s book, and get savvy about building and scaling your business by signing up for your Airwallex account here.

This information is factual information only and it doesn’t take into account your objectives, financial situation, or needs. This case study is provided for informational purposes only and should not be construed as an endorsement or guarantee of results. The experiences and outcomes described may not be representative of all clients or experiences. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.