How FunnyFuzzy optimised global financial operations to supercharge commercial growth

In just two years since FunnyFuzzy launched to European and American markets, they’ve soared to the top 200 of global pet lifestyle brands. This achievement can be attributed to its practical and delightful products, a steadfast devotion to sharing joy through the love of pets, and an emphasis on fast responsiveness to user needs. 

However, when the brand expands into local markets with distinct languages, cultures, infrastructure and consumer habits, challenges are inevitable. Chief among these challenges is financial management, which directly impacts revenues and costs.

FunnyFuzzy turned to Airwallex to solve their specific business needs.

Business need #1: Simplify the process of multi-currency account set-up

Challenge

Currently, FunnyFuzzy mainly targets European and American markets. Their official website supports English, French, and German speaking customers. With a substantial volume of daily global payments, the team needs to open lots of accounts to deal with multi-currency funds.

Solution: Airwallex Global Accounts

Using Airwallex Global Accounts, FunnyFuzzy can now open domestic and foreign currency accounts in minutes on just one platform. Tap into Airwallex's low cost local payment network to pay out to 120+ countries. They can collect payments from global customers in 170+ currencies and settle like-for-like in 10+ currencies, reducing unnecessary conversion fees.

Business need #2: Accelerate funds flow and reduce transaction costs

Challenge

With a strong focus on operational efficiency, FunnyFuzzy has reduced its inventory turnover to fewer than 15 days by integrating its supply chain. They have also developed a pioneering ‘small order, fast return’ flexible supply model for pet products. This makes the speed of global transfers and FX cost control critical to FunnyFuzzy's success.

Solution: Airwallex FX & Transfers

With Airwallex, FunnyFuzzy can now send payments to over 150 countries and regions in more than 46 currencies. Payments can be received in as little as one business day. Airwallex’s proprietary FX engine and real-time pricing ensures that FunnyFuzzy gets competitive pricing on currency conversion while avoiding hidden transaction fees with like-for-like settlement accounts in 10 currencies.

Cynthia Hu

CFO at FunnyFuzzy

"When we implemented Airwallex into our operations, we worked hand in hand to solve our specific business needs. The result was a significant reduction of 2-3 days when receiving international payments compared to the traditional banking system, with most transactions settled on the same day. This improved efficiency in capital flow perfectly complements our fast-paced business growth."

Business need #3: Enhance efficiency of corporate expense management

Challenge

When FunnyFuzzy launched their website, they grappled with frequent payments for various website plugins and a myriad of subscriptions, third-party platform charges, advertising outlays, and more. The array of payment items, often comprising numerous small orders, posed a significant financial bookkeeping challenge.

Solution: Airwallex Borderless Cards

Airwallex Borderless Cards have helped FunnyFuzzy's financial team automate company expense management. They can now create employee and company cards in minutes and stay in control of all purchases from a single dashboard, in real-time.

Their finance team can manage company expenses like software subscriptions and ad spend all in one place. And the global expenses can be paid directly from their multi-currency Wallet balance, reducing unnecessary FX conversion fees. 

Cynthia Hu

CFO at FunnyFuzzy

"The Business Account service provided by Airwallex has remarkably enhanced our fund management efficiency, resulting in substantial savings in time and labor costs. As of 2023, the traffic and revenue of our stand-alone website continue to experience robust growth, which can be attributed in part to the financial payment support offered by Airwallex."