Financial infrastructure is a critical part of today’s growing industries. As markets continue to shift, companies need to be able to provide customers with the same quality of service no matter where they are in the world.
Take, for example, companies such as Uber and Airbnb. No matter where a customer is based, they can access and pay for services as they would at home. This is the foundation for what we would call a homogenized global product, encompassing local and international operational capabilities.
And these kinds of systems are critical not just in the consumer space but also transitioning into the corporate world. Cloud services like Google and AWS give companies access to and security operations worldwide, and globalization ensures coherence and better workflow.
Global fintech Airwallex is a leader in helping companies operate across borders by removing the barriers and costs associated with the traditional financial system. They have proven this since 2015, assisting companies of all sizes to work globally.
Acting as a “one-stop shop” for an organization’s financial needs, the company offers global payment services, from multi-currency Visa cards to online payment services. Their innovative technology helps companies transact, collect and pay in foreign currencies in more than 150 countries and more than 50 currencies. For business customers, Airwallex’s services can also be accessed through a range of customizable APIs.
To date, the company has raised more than $800 million. It is currently valued at $5.5 billion, a remarkable achievement that proves why its services are highly valued in this constantly growing market.
Airwallex VP, Global Head of Product Shannon Scott says changing customer expectations have led more companies to look to scale globally.
“If your business operates abroad, clients expect you to transact in their local currency without paying high FX fees. However, working across regions creates new complexity for businesses, such as setting up a bank account or fund reconciliation Airwallex removes these barriers and helps companies worldwide appear local to their customers.”
Aiwallex’s technology makes global multi-currency accounts available to businesses through a single interface, including domestic and international business accounts, corporate cards, and expense management. Payment services can be accessed through the company’s web app or directly into their platform through the aforementioned customizable APIs.
“Airwallex was created to solve real business pain points – our founders had opened a cafe in Melbourne and were charged huge FX fees to import products such as coffee cups. We understand the financial barriers our customers face on a deep level and can therefore create the technology to solve them.”
Globalization in action
“We’re the world’s first in how we think about our customer’s use cases,” says Scott.
In line with its proven track record, the company played a key role in helping online retailer Orbitkey accelerate its European expansion to more than 1,000 stores.
Orbitkey originally accepted customer payments in foreign currencies that eventually had to be transferred in AUD to an Australian bank account. This led to expensive exchange rates and transfers, which reduced profit margins.
Not only did Airwallex’s solutions save 70% in international transfer fees for payments in USD and EUR, but they also increased the speed of wholesale prices – from four days to one – which equates to a 75% savings.
“When Orbitkey implemented Airwallex’s multi-currency product, they could easily set up accounts in various regions. Wholesalers could also easily pay to a local account, and Orbitkey could also use competitive exchange rates,” says Schot.
Airwallex also helped launch mobile menus for Mr. Yum and helped them accelerate international growth through Airwallex business cards. As an Australian company, Mr. Yum struggled to set up a local bank account in the UK and faced complexities with their payment systems and providers.
By creating an Airwallex UK Global Account online in five minutes, Mr. Yum eliminated the need for hours of administrative time and significantly increased staff productivity.
When creating Airwallex’s product suite, the company has paid great attention to the reliability of its architecture, and they believe this is one of the key keys to its success.
“Architecture needs to scale with various global needs,” Scott says. “Having a global mindset allows you to achieve creative and competitive advantages. Customers recognize the value of global support.”
Today, the company has over 1,200 employees in 19 major locations worldwide in 11 territories, including APAC, Europe, and the US. They are a growth-oriented organization that is constantly evolving and expanding in new and innovative ways.
Looking to the future
The company’s Expenses platform, launched earlier this year, continues to grow and support businesses, especially those with a remote workforce.
With Expenses, businesses can easily upload receipts for approval, reconcile expenses in one place, and gain real-time visibility into card spend.
“Our expense management solution allows employees to upload a receipt that matches transactions made on our multi-currency cards,” Scott says.
“After approval, the transaction is automatically synced to an accounting platform, such as Xero.”
So what gives Airwallex technology the advantage? Scott says it’s all about the stuff of globalization.
“We can integrate new features seamlessly, and this which a value proposition for our customers,” said Scott. “We don’t want our customers to worry about international financial complexities; we solve them for you.”
Contact Airwallex here to learn more about how to globalize your business successfully.
