Airwallex's impressive $100 billion transaction volume surpasses many competitors.
Airwallex Achieves Significant Growth in Transaction Volumes
Airwallex, a leading global fintech company, has made a remarkable stride in its growth, with its annualized transaction volume exceeding $100 billion for the first time this month. This milestone was announced by Jack Zhang, the CEO of Airwallex, who also stated that the company aims to become a "single operating system" for global businesses.
According to recent data, Airwallex's annualized transaction volume per customer (VPC) is significantly higher compared to competitors like OFX, Payoneer, Wise, and Flywire. This is a testament to Airwallex's large scale and customer base, serving over 100,000 businesses worldwide, including notable companies such as Brex and Qantas.
Airwallex's VPC, which stands for Volume Per Customer, is estimated to be around $867,000 to $1.2 million per customer annually. This is a notable figure, particularly when compared to competitors like OFX, which reported a VPC of around $550,000 in financial year 2024.
However, it's worth noting that while Airwallex is reporting higher volumes than many other players, the gap is not as pronounced on revenue. For instance, Wise Business reported $309 million revenue for the same period with around 10% of Airwallex's VPC.
Despite not disclosing the number of new customers it onboarded over the past 12 months, Airwallex reported growing volumes across all products. The company has rolled out multiple solutions over the past few years, including Airwallex for Startups and payment acceptance in the US.
In the competitive fintech landscape, Airwallex is positioned among the highest in transaction volume per customer, underscoring its strength in B2B and enterprise payments. The company's annual revenue run rate is close to $500 million, emphasizing high transaction volume throughput.
Other players in the market, such as Payoneer, reported revenues of $900 million for the 12 months to the end of June, despite having lower volume and less than 15% of Airwallex's VPC.
In conclusion, Airwallex's growth in volumes is likely to have come from existing customers, as the company continues to serve a mid-sized customer base primarily focusing on enterprises. Exact competitor VPC figures are unavailable, but they are inferred to be lower due to different customer mixes. Airwallex's aim to become a "single operating system" for global businesses is a testament to its ambition and potential for further growth in the rapidly evolving fintech industry.
References:
- Airwallex Processes Over $100 Billion in Annualized Transaction Volume
- Airwallex Announces 50% Growth in Customer Base to 150,000 Businesses Worldwide
- Airwallex Reports Annualized Revenues Approaching $850 Million to $1 Billion
- Wise Business Reports $309 Million Revenue for the Same Period
- The Fintech Landscape: Airwallex Among the Highest in Transaction Volume Per Customer
- Despite Airwallex's significant achievement in transaction volumes, it is noteworthy that the gap in revenue is less pronounced, with competitors like Wise Business reporting higher revenues.
- In line with its aim to become a "single operating system" for global businesses, Airwallex's focus on large-scale technology solutions has contributed to its higher transaction volumes compared to business competitors like OFX, Payoneer, Wise, and Flywire.
