Airwallex crosses US$1 billion in annualised revenue, eyes doubling within a year
The company’s portfolio includes multicurrency business accounts, corporate cards and payments processing services
[SINGAPORE] Singapore-based fintech startup Airwallex crossed US$1 billion in annualised run rate (ARR) revenue in October, co-founder and chief executive Jack Zhang said in a blog post on Monday (Nov 3).
At its current year-on-year revenue growth rate of about 90 per cent, Airwallex is on track to surpass US$2 billion in ARR within the next 12 months, he said.
ARR is a projection of a company’s annual revenue based on its current monthly performance.
The growth in revenue came as the company expanded its global footprint and more customers used multiple Airwallex products, Zhang said.
The company’s portfolio includes multicurrency business accounts, corporate cards and payments processing services.
In September, Airwallex registered US$223 billion in annualised transaction volume globally, up 127 per cent year on year.
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About half of Airwallex’s customers now use multiple products – double the proportion from a year earlier.
Revenues from the Americas and Europe, the Middle East and Africa (EMEA) now make up 35 per cent of total revenue, up from “virtually zero” three years ago.
Revenue from the Americas climbed 204 per cent year on year for the third quarter ended Sep 30, with transaction volumes up 104 per cent. In the EMEA region, revenue rose 105 per cent as transaction volumes gained 207 per cent.
In South-east Asia, revenue increased 108 per cent year on year in Q3, with transaction volumes up 94 per cent.
South-east Asia remains “one of our most exciting regions”, said Airwallex co-founder and president Lucy Liu, in response to queries from The Business Times.
“We’re deepening our efforts in our existing markets, particularly Singapore, Malaysia, and Vietnam, where we see strong momentum from both local and global businesses using Airwallex to scale internationally,” she said.
The fintech firm’s focus in the next 12 months is to build on its revenue growth momentum, said Liu, noting that it took the company nine years to reach US$500 million in ARR and only a year more to hit US$1 billion.
Another key focus is artificial intelligence (AI). Airwallex is developing “the next generation of AI-native software” for its customers, Liu said.
“That means rethinking how global businesses manage money end to end – from payments to treasury to spend – powered by intelligent systems that can act and decide on their behalf,” she added.
In May, Airwallex raised S$300 million in a Series F funding round, valuing the company at US$6.2 billion.
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