Fintech flyers gain altitude as revenue and transactions skyrocket
Fintech flyers Airwallex are skyrocketing in Singapore, with first-half 2023 revenue rocketing up 13x year-on-year. Total transaction volume also ascended 11x over the same period.
Strong presence in Singapore
“We’re taking off in Singapore like a SpaceX starship!” said an Airwallex spokesperson. “Our operations are gaining altitude.”
Specific dollar amounts remain classified, but Airwallex Singapore generated around $5.4 million in revenue last year, according to VC Insights. Meanwhile, operating losses climbed to $5.9 million in 2022 as they continued burning fuel on the launch pad.
Airwallex’s transaction volume in Singapore
Airwallex transferred a whopping $165 million to their Singapore entity in July, clearly aiming for escape velocity.
The fintech stars are also expanding in Southeast Asia and Latin America, recently acquiring Mexican payments firm MexPago.
A Case Study in Fintech Success
Founded in 2015 in Melbourne by Jack Zhang and Max Li, Airwallex offers services like multicurrency accounts, cross-border transfers, and online payment acceptance.
They now serve over 100,000 clients globally, including Brex, Rippling, Navan, Shein, and Qantas.
Strap in for more stratospheric growth from Airwallex as they propel their Singapore business into the mesosphere.
Their ambitious ascent shows fintech has barely scratched the edge of space. The sky is no limit!
