Company Announcement
Airwallex processing volume surges past $100 billion
Amid broader tech slowdown, Airwallex demonstrates continued momentum
The company’s annual revenue run rate approaches $500 million, with operations achieving cash flow positivity
North America remains a key contributor to the company’s growth
San Francisco, CA - Airwallex, a leading global payments and financial platform for modern businesses, has surpassed $100 billion in annual processing volume, up 73 percent year-on-year. Airwallex has seen growing volumes across all products, including payments, FX, payouts, and issuing, and an annual run rate revenue approaching $500 million. These achievements come on the heels of Airwallex achieving cash flow positivity at the end of 2023 – a dividend of the company’s strong product market fit, ubiquitous global infrastructure, and continued market expansion.
“Crossing the $100 billion threshold and turning cash flow positive solidifies our confidence in the durability and scalability of our business model,” said Jack Zhang, Co-founder and CEO at Airwallex. “While demand is slowing in many corners of the tech economy, serving the payments and financial operations of global businesses remains a significant market opportunity. We’re proud of how far we’ve come in the past nine years, and we are more ambitious than ever in supporting millions of global businesses to grow beyond borders.”
The ability to operate across borders can unlock meaningful growth for companies of all sizes – by accelerating international expansion, optimizing supply chains, or attracting the best talent. Airwallex’s offering taps into a total addressable market opportunity estimated to be worth more than $570 billion by 2027.1
Airwallex doubles down on the Americas Airwallex’s traction in the Americas has been a key contributor to the company’s success globally – revenue in the region is up more than 300 percent, year over year. In 2024, the company expanded its footprint in the U.S., Canada, and Latin America, moving into a permanent US headquarters in San Francisco, opening offices in Austin and New York, and adding team members in Toronto and São Paolo.
In the U.S., Airwallex has invested in robust local compliance infrastructure – securing Money Transmitter Licenses (MTL) or exemptions in 49 U.S. states and territories, giving Airwallex a more direct connection to its customers and the ability to manage financial operations with greater flexibility.2
“A core philosophy for Airwallex is building native infrastructure in every market we launch, and relying as little as possible on third parties and intermediaries,” said Ravi Adusumilli, Executive General Manager, Americas, Airwallex. “We’ve built strong local licensing and financial infrastructure here in the U.S. and will continue to expand the coverage of our network across the Americas. This helps us serve our customers ‘like a local,’ so they can grow their businesses around the world, seamlessly and cost-efficiently. With this approach, we’re able to save our customers $300 million in fees each year.”
In 2023, Airwallex expanded into Canada and announced its intention to enter Mexico with a definitive agreement to acquire MexPago, a Mexico-based payment service provider. Airwallex now has over 1,500 employees across 23 locations globally, including more than 100 team members across San Francisco, New York, Austin, Toronto, and Brazil. Airwallex plans to continue growing its Americas footprint to support its 100,000+ customer base, which includes brands like BILL, Brex, Deel, Navan, Rippling, and SHEIN.
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Notes to editors
Airwallex analysis based on research from Juniper Research, McKinsey, Grand View Research, Infinity Business Insights, Allied Market Research, Verified Market Research, and Emergen Research.
Airwallex is licensed in 42 US jurisdictions: AL, AK, AZ, AR, CA, CO, CT, DC, FL, GA, ID, IL, IA, KS, KY, LA, ME, MD, MI, MN, MS, MO, NE, NH, NJ, NM, ND, OH, OK, OR, PA, PR, SC, SD, TN, TX, USVI, UT, VT, WA, WY, WV; Exemption or no licenses required for current business in 7 US jurisdictions: DE, MA, MT, NC, RI, VA, and WI.
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About Airwallex
Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury and spend management to embedded finance. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visit http://www.airwallex.com.