Expanded ambitions for international expansion by Airwallex
Airwallex, the $5.5 billion-valued startup, is making significant strides in the financial technology industry. In a recent conversation on LinkedIn between Daniel Webber and Airwallex's CEO, Jack Zhang, the company's ambitious plans for expansion and new offerings were revealed.
Airwallex's business account products provide a "global virtual bank" to digital native companies, and the company aims for global coverage "very soon". This year, Airwallex plans to launch in the Middle East and South America, marking an expansion of its services to these regions.
The company's revenue run rate was $100m in 2021 and is expected to triple in 2022. This growth is not limited to one market, as Airwallex has consistently seen growth of at least 300% in every market it operates in.
In addition to its expansion, Airwallex is also launching a credit solution in 2022. The company is also exploring crypto products, demonstrating its commitment to staying at the forefront of financial technology.
While Airwallex's platform services cover payouts, acceptance, treasury, and card issuing on a domestic and international level, the majority of its business comes from a SaaS model. Around 93% of Airwallex's transactions go through its network, indicating the significance of its proprietary infrastructure with multiple connections in many of the 90+ countries it serves.
However, Airwallex does not see itself as a rival to SWIFT as a protocol provider. Instead, it aims to provide a comprehensive solution for digital native companies, offering a "global virtual bank" that caters to their needs.
With its ambitious expansion plans, new offerings, and commitment to staying at the forefront of financial technology, Airwallex is poised for continued growth and success in the coming years. The company will launch in the Middle East and South America in 2022 and expects to achieve global coverage by the end of 2023.
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