Australian digital payment firm Airwallex said Wednesday it has reported strong year-on-year revenue growth across its Asia Pacific (APAC) region.

Airwallex said in a statement that in the third quarter, it delivered an 83 percent year on year increase in revenue for the region.

The firm also grew transaction volume by 49 percent year on year across the APAC region.

It has also achieved significant global growth, with global revenue up 73 percent year on year and global transaction volume up 60 percent year on year.

Founded in 2015 in Melbourne, the APAC region holds special significance for Airwallex.

This year, the company has successfully launched several products and initiatives which continue to boost momentum in the market.

Ongoing success across the region – comprising Australia, Singapore, Hong Kong, Malaysia, New Zealand and mainland China – confirms Airwallex’s strong product fit and innovative product stack, it said.

Arnold Chan, General Manager, APAC, Airwallex, said the firm’s business had continued on its strong growth trajectory in 2024.

“The APAC region remains integral to the success story of Airwallex and is a proud launchpad for many of our market-leading products and programs, most recently Airwallex
for Startups and Airwallex Yield,” he said.

According to him, the firm’s focus remains on supporting eCommerce, travel, trading businesses and fintech start-ups as they navigate international markets.

“In the coming year, we look forward to expanding our product offerings to new markets like Malaysia and South Korea, as well as supporting more businesses to thrive in the global economy,” he added.

Launched in Hong Kong in September 2023, the Airwallex for Startups program expanded to Australia, Singapore and New Zealand in 2024.

To date, more than 2,000 startups have signed up to the free program, which includes networking events, mentorship and product offers from Airwallex and others within the startup ecosystem.

Further global expansion is planned for 2025.

Following a strong launch to wholesale customers in Australia in late 2023, Airwallex Yield was expanded to all Australian customers in July when Airwallex became the first major payments company to receive an Australian Financial Service Licence from ASIC for investment products.

In October, Hong Kong’s Securities and Futures Commission granted Airwallex a licence to provide asset management services.

Airwallex Yield is anticipated to launch in Hong Kong early next year.

Meanwhile, Airwallex Spend – a product suite that includes Borderless Cards, Expense Management and Bill Pay – was created as an alternative to outdated and fragmented spend management systems and is now available globally.

In August, the Airwallex Group announced it had processed more than $100 billion in annualized transaction volume and surpassed $500 million in annualized revenue run rate.

This was followed last month by the launch of Airwallex Impact, Airwallex’s new social impact program, underpinned by a commitment to pledge 1 percent of equity – equivalent to $56 million based on current valuation – to philanthropic causes.

In addition, Airwallex will commit 1 percent of time, product and profit to support innovators, entrepreneurs, and economic development worldwide.

The Airwallex team across APAC has grown by 160 employees in 2024.

Currently, the firm has more than 1,600 employees across 23 offices globally, with plans to grow the team alongside the business as it continues to scale in 2025.

The firm supports over 150,000 businesses globally and is used by brands such as Brex, Rippling, Navan, Qantas, SHEIN.

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