Fitness event Hyrox expedites global expansion through Airwallex

Benjamin

Head of Finance APAC at Hyrox

“Working with Airwallex has allowed us to focus more on growing HYROX as a global brand, rather than getting bogged down by tedious financial operations.”

Hyrox is a unique fitness competition that combines eight kilometres of endurance running with 8 different functional exercises. The competition has rapidly expanded from Europe to the Asia-Pacific region, attracting athletes and fitness enthusiasts worldwide. Speed and precision have always been key to Hyrox's success; however, in the process of global expansion, the traditional banking system has proven to be an obstacle.

In addition to the complexities of opening bank accounts and managing global transactions, Hyrox also faces the pressure of organising worldwide events on a tight schedule. Any emergencies can lead to hefty transaction fees and the risk of remittance delays. It may also cause the team to go over budget and suffer a loss.

Challenge 1: opening bank accounts in each operating market is time-consuming

To organise global events, Hyrox needs a local account to accept payments for event registration fees, as well as to pay suppliers and contractors. A local account is also essential for global transactions and tax compliance. 

Traditionally, for each market Hyrox expands into, they need to open a local bank account. Depending on the country or region, this process can take up to 6 months, and it’s not uncommon for banks to request a face-to-face meeting with a company representative. This is not only time-prohibitive but also a significant obstacle to business operations.

Solutions & results: open an Airwallex Global Account in as little as 24 hours to break down borders and start transacting 

By simply opening a Global Account with Airwallex, Hyrox gains immediate access to local bank account information in multiple countries. This allows them to meet compliance requirements while managing different currencies – including AUD, USD, SGD, and PHP – from a single account.

The account opening process can be completed in as little as 24 hours. After submitting all the required documents, the KYC process can also be done online, perfectly meeting the demands for speed and efficiency from startups.

Challenge 2: Urgent cross-border transactions come with hefty fees and delay risks

To keep operational costs to a minimum, Hyrox operates on an airtight schedule. From setup to dismantling, the entire process has to be done in just three days. If an emergency arises that requires overseas remittances, Hyrox will need to contend with the expensive transaction fees and potential delays associated with traditional banks.

Generally speaking, it takes at least three working days for traditional banks to process cross-border transactions. During this time, delays can occur due to bank holidays or data errors, which can severely impact Hyrox’s event arrangements.

Solutions & results: same-day international remittance through Airwallex to resolve emergencies almost instantly

Airwallex’s fast international transaction service can complete a transaction in as little as 30 minutes, supporting over 150 countries and 60+ currencies. This allows Hyrox to focus on the event rather than the tedious financial operations.

Moreover, Hyrox has created employee Visa cards through Airwallex, empowering their team with petty cash to make immediate payments for emergencies. 

Creating employee cards online takes only a few minutes. The team can use the cards to pay for all online and physical transactions that accept Visa, and the cards also support Apple Pay and Google Pay.

Challenge 3: Scattered global spending makes budget control difficult 

Hyrox events require extensive local and international coordination, and business cultures vary across different markets. As a result, local employees sometimes opt to pay out-of-pocket expenses to ensure smooth operations during events.

This makes it difficult for Hyrox to control its budget. With the varying languages, formats, and currencies of receipts across locations, along with the necessity for the team to diligently preserve receipts for reimbursement, budget management and reconciliation becomes even more challenging.

Solutions & results: set spending limits for employee cards and integrate with accounting software for easy reconciliation

By creating multiple employee cards through Airwallex, Hyrox can set different spending limits for each card to prevent misuse. What’s more, Hyrox can use Airwallex’s Expense Management service to approve transactions in real time, providing 100% control over their event budget.

To simplify ‌monthly reconciliation, Hyrox has integrated their accounting software, QuickBooks, with Airwallex, to auto-sync all card transactions, bills, payrolls, and more across the platforms. Monthly reconciliation can now be done in just a few clicks. 

Benjamin

Head of Finance APAC at Hyrox

“With Airwallex's scalable solutions, we feel empowered to navigate the complexities of international markets with ease and confidence.”