Airwallex expands into North America

Australian cross-border payments company Airwallex has grown in the Asia-Pacific region by collaborating with other fintech and commercial payments companies. Recently, it partnered with Visa to launch B2B payments cards in Asia. Previously it partnered with Deutsche Bank to provide virtual account collection in Japan and API-enabled foreign exchange services in Hong Kong.

Now Airwallex announced that it has expanded its operations into the United States. With this expansion, US-based businesses would be able to access the full suite of Airwallex products and services in their cross-border payments which the company claims are ‘fast, transparent and secure’.

Back in March 2021, the company bagged $100 million in its series D round of funding from investors in which the company’s CEO Jack Zhang noted that with the funding, the company would expand to new geographical regions and boost its capabilities.

In the press release, the company said that its entry into the US market will support its ‘global growth strategy’ which is aimed at becoming a ‘global financial infrastructure for businesses to operate anywhere, anytime’.

The expansion by the company in the United States is in partnership with Tennessee-based bank Evolve Bank & Trust. In addition to this, the company has been issued money transmitter licenses in various major states and is permitted to provide money services business in almost all the states across the US. It noted that the company will progressively introduce its suite of products such as ‘multi-currency cards and an online payment acceptance solution that will allow businesses to collect payments from customers around the world’.

Along with other international hubs such as Melbourne, Sydney, Shanghai and Amsterdam, San Francisco will serve as a global engineering hub.

Airwallex provides businesses with cross border payment solutions, managing their payments, treasury and expenses globally. Since its inception, the company has secured over $500 million in various different funding rounds from investors.