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Melbourne-founded fintech Airwallex is consolidating an existing cross-border business in Canada with an official launch of its global payments platform in the country, building on a 300 per cent growth of its customer base in the Americas over the past year.
The news comes after the Hong Kong-based group has been bulking up its international leadership team with three new appointments since December, and just last month Airwallex made further inroads in China through the acquisition of online payments company Guangzhou Shang Wu Tong Network Technology.
That purchase made Airwallex a third-party provider in one of the world's largest e-commerce markets, adding to existing licences in markets including Australia, New Zealand, the UK, the European single market, Hong Kong, Malaysia, Singapore and the US.
With 1,300 employees globally and a presence in 19 major locations globally, the company believes its latest launch will empower Canadian businesses to tap into Airwallex’s global payments and financial platform, offering a faster, more cost-effective and transparent alternative to traditional options.
The offering includes local currency accounts in more than 12 currencies, a multi-currency wallet in 44 currencies and payouts to 150 countries with Airwallex's proprietary local payment network.
The full suite of Airwallex’s global products such as multi-currency cards, spend management and online payments will be progressively rolled out in the market.
"To thrive in today’s challenging global economy, businesses must be able to scale without borders, move money across currencies with ease and manage their finances across markets with a single integrated platform," says Airwallex's general manager of Americas, Ravi Adusumilli.
"Airwallex is excited to support the ambitious Canadian businesses who wish to grow internationally, quickly and economically, as well as international businesses who have operations in Canada."
Airwallex already supports a number of Canadian businesses across e-commerce, professional services and technology sectors.
"With the launch of global payments services in Canada, Airwallex will be able to empower local businesses even more, to stay competitive, grow their customer base and expand to new markets," adds Adusumilli.
In October last year, Airwallex announced a US$100 million extension to its 2021 Series A round which helped it maintain its valuation of US$5.5 billion despite the investment crunch that has hit the tech world globally.
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