Profound Commerce scales its businesses with Airwallex

In 2018, Profound Commerce was founded with the desire to acquire beloved eCommerce brands and scale them into global household names. Within a few years, the company swiftly acquired 15 distinct businesses. With each of these businesses operating uniquely, Profound needed capable partners to streamline their operations across brands. 

The challenge

With 15 businesses in its portfolio, Profound Commerce has a variety of international vendors and suppliers. This complexity meant that Profound Commerce was grappling with an intricate financial puzzle on a daily basis. Payments easily took up to two hours a day, translating into dollars. On top of that, the resource drain on a five-person finance department was significant. 

The solution

One platform to rule them all

With Airwallex, Profound Commerce was able to unify its entire global payment process on a single platform. It now has a centralized hub to orchestrate payments efficiently and is no longer burdened by the complexities of managing multiple banks and services. 

Airwallex’s impact on Profound Commerce’s operations has been remarkable. Previously spending hours managing disparate accounts, the team now can channel their energy toward strategic growth initiatives. Instead of the two hours a day the team previously had to dedicate to payments, they now spend 30 minutes. 

Foley Schmidt

Chief Financial Officer of Profound Commerce

“When we have bills to pay from 15 different accounts on a single day, being able to do that on a single platform is a huge timesaver.”

A competitive edge

Although there are many players in the payments landscape, Foley Schmidt, CFO of Profound Commerce, feels Airwallex is in a category of its own. Schmidt says, “Others out there have offered discounts, but the temporary savings don’t matter when we feel like we have a partner and a solution that is scalable and easy.”

While some competitors have 15 logins for each of the 15 brands under its portfolio, being able to log in with a single account has been a game-changer for the business. While other competitors may offer temporary discounts, Airwallex provides a modern user experience that feels simple and initiative. 

Foley Schmidt

Chief Financial Officer of Profound Commerce

“The difference between Airwallex UI and other competitors we’ve demoed is night and day. Airwallex is in 2033. The competitors are in 2003.”

A winning approach

Schmidt offered this advice for businesses seeking global expansion: “Scalability matters. Otherwise, you’re rebuilding processes every time you grow. That’s very time-consuming.

And while you do that, you’re not spending time improving the top and bottom lines – which is the scoreboard for any business.”

Profound Commerce’s story underscores the pivotal role innovative technology plays in modern business success. With Airwallex’s seamless integration, Profound Commerce found a scalable solution for its payment processes and unlocked the potential for continuous growth. As eCommerce continues to evolve, businesses like Profound Commerce remind us that scalability isn't just a strategy – it’s the foundation for a thriving future.