Airwallex Singapore office / Photo credit: Airwallex
Airwallex, the global fintech firm, announced that revenue from its Singapore business grew 13x year on year in the first half of 2023. The total transaction volume also increased 11x in the same period.
It did not disclose dollar amounts. For comparison, Airwallex Singapore generated S$7.2 million (US$5.4 million) in revenue last year, according to VentureCap Insights filings. Meanwhile, its operating loss rose to US$5.9 million in 2022 from US$4.3 million in the preceding year.
Arnold Chan, Airwallex’s general manager for Asia, said that Singapore is one of its fastest-growing markets. Having expanded to the city-state in 2022 – which is also home to its global headquarters – the company aims to increase its overall headcount to more than 200 in 2024.
Airwallex had also transferred US$165 million to the Singapore entity in July. The fintech unicorn is also looking to expand further in Southeast Asia and Latin America – it acquired Mexico-based payments firm MexPago in October.
Founded in Melbourne in 2015 by Jack Zhang and Max Li, Airwallex offers various payment services, including global account issuance, domestic and cross-border money transfers, multicurrency wallets, and online payment acceptance.
It has 20 offices worldwide and serves over 100,000 clients globally, including Brex, Rippling, Navan, Shein, and Qantas.
See also: How an SG regtech firm won over StanChart and HSBC with ‘ChatGPT for banks’
Editing by Putra Muskita and Dhania Putri Sarahtika
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