How Airwallex cracked the code for fintech success

Airwallex simplifies cross-border payments for businesses with innovative fintech solutions, enabling global expansion and operational efficiency

There have been many startups in the fast-evolving financial technology (fintech) landscape. One of the more successful companies in the fintech sector in recent times is Airwallex, an innovative B2B fintech unicorn founded on a single purpose: to create a world where all businesses can operate without borders and restrictions and propel the growth of the global digital economy.

Born in the heart of Melbourne, Australia, this startup has risen to become a significant player in the global cross-border payment industry and e-commerce market, which is set to reach US$7.9 trillion by 2030. Airwallex is now valued at more than $US5.6 billion ($8.3 billion) and recently moved its headquarters to Singapore with a continued focus on expanding in the Asian market. In August, the unicorn announced it had hit US$100 billion in transaction volume and has since surpassed US$500 million in annual revenue run rate.

Airwallex has disrupted the industry with its innovative approach initially focusing on the Asian market. With continued global growth, more than 100,000 companies around the world use Airwallex’s software and APIs to simplify their global payments and financial operations. But what exactly is the secret sauce behind Airwallex's success? How has it managed to navigate the complexities of global business, giving payment industry giants like PayPal and Wise a run for their money?

The answer lies in a blend of strategic vision, customer-centricity, and a people-first leadership philosophy, according to David Ky, Chief of Staff (People & Talent) at Airwallex. “As a tech company, we have an ever-growing product suite and seek to hire people who are ambitious, enjoy reinventing themselves, are quick learners and self-motivated,” said Mr Ky. “As our CEO and founder, Jack Zhang says, we look to hire people who can go ‘wide and deep’ – can work across multiple projects, but also enjoy getting into the details. These are the people who thrive at Airwallex,” explained Mr Ky, who outlined a number of key contributors to Airwallex’s commercial success.

1. A Unique Value Proposition: Bridging the east-west divide

Founded in 2015 by Mr Zhang and cofounders, including Lucy Liu, Airwallex was conceived out of a real and challenging business problem Mr Zhang faced at the time. He and three fellow entrepreneurs owned a café in Melbourne. Beyond a desire to sell great coffee, the café was a laboratory to test and learn about a rising global trend in retail, where the initial presence may be local, but the mindset and scaling ambition are global.

As the founders worked to build a supply chain that was smooth, efficient and without unnecessary costs, they quickly discovered the friction points that became the business problem in need of a solution – which led to the conception of Airwallex. In purchasing pallets of coffee cups, lunch boxes and other paper goods from China, around US$10,000 was spent on the supplies, but this was done through a remittances company that charged 4.5%. The cost of foreign exchange conversion was painful – as was the time it took to transfer funds.

With this in mind, Mr Zhang and his cofounders set out to build a financial infrastructure to support operations that transcend borders. In the process, they identified a critical gap in the market: the lack of seamless financial services for businesses operating across Asia and the West. Traditional solutions were often clunky, expensive, and riddled with hidden fees. Airwallex saw an opportunity to provide a transparent, cost-effective alternative, specifically tailored to the needs of Asian businesses such as those in the Chinese market. This focus on a specific region, often overlooked by competitors, became Airwallex's unique selling proposition (USP).

2. Leadership that prioritises people and culture

Airwallex's leadership team, led by cofounders Mr Zhang and Ms Liu, understands that their people are the backbone of their success. They invest heavily in finding and bringing onboard world-class talent, as explained by Mr Ky, a UNSW Business School Alumnus (Bachelor of Information Systems (Co-op)) who also serves as a Board member at Enactus Australia.

With more than 1500 employees across 23 locations globally (including 200 team members across its Sydney and Melbourne offices), Mr Ky said the business is on a mission to hire 300 more people in 2025. “We are focused on understanding what is most important to our current and future talent at Airwallex, and how we can meet these needs,” he said.

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To support talent, the People & Talent team have invested in an employee wellbeing program, which offers modern benefits for staff via Airwallex’s product itself. Every permanent employee in Australia now receives $250 via an Airwallex employee card per quarter to spend on physical, lifestyle or health benefits to better support their wellness. In addition, Mr Ky said Airwallex will expand its employee volunteering program in 2025 to three days per permanent employee per year, to empower the team to support causes that matter to them.

3. Driving growth with a superior customer experience

At the heart of Airwallex's success lies a strong commitment to customer satisfaction. Building on the offer of competitive foreign exchange (FX) rates and payment processing fees, Airwallex has a dedicated customer support team supporting different geographies, coupled with business accounts tailored to specific needs (e.g., ecommerce, SMEs), to ensure a smooth and personalised experience for each client. This dedication to customer service has garnered rave reviews from Airwallex customers and a loyal following among its 100,000+ customer base. Notable customers include, for example, Qantas, Kogan, Stake, Afterpay and Xero.

Mr Ky said that Airwallex’s commitment to customer service is outlined in its operating principles, which were launched last year. The “prioritise our customers” principle, for example, explains the importance of delivering a superior customer experience.

“These operating principles help people understand who we are and how we work,” said Mr Ky. “As we’re geographically distributed and growing rapidly, these principles ensure everyone works in collaboration towards our goals, allowing us to seamlessly execute our plans with conviction.”

4. Establishing the right partnerships

Recognising the power of collaboration, Airwallex has forged strategic partnerships with key players in the industry. These partnerships have not only provided access to new markets and customer segments (like ecommerce) but also bolstered Airwallex's credibility and financial stability, attracting investment from the likes of Sequoia Capital, Square Peg Capital, Salesforce Ventures, Lone Pine Capital, Hermitage Capital and 1835i Ventures.

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Airwallex takes a similar approach with partnerships across all domains of its business, according to Mr Ky, who underscored the importance of technology partners to support its People & Talent team. “Finding the right ecosystem of partners is crucial,” he said. “Pick systems not just for the here and now, but invest in the ability to flex up or offer new capabilities. When considering who to partner with, think about the vendor’s product velocity, their customer centricity, and whether they have open APIs, which will make it easier to bolt on or build your own things on top if needed.” 

When it comes to scaling in a fast-growing environment, “homework is everything,” said Mr Ky. “It’s important to proactively scan the environment for new technology, and not just when there’s a problem to be solved. Do your homework and assess the new against the current tech stack.”

5. A global vision with local execution

While Airwallex has its sights set on global expansion, it understands that success hinges on understanding local nuances. It tailors its offerings and approach to each market it enters, ensuring cultural sensitivity and compliance with local regulations. With 23 offices around the world, this localised approach has been instrumental in its expansion into diverse markets like Malaysia and New Zealand, and helped it navigate complex business environments like China.

“The fintech industry operates in the financial services space where there are many established rules and regulations, and rightfully so. What this means is that most people don’t get the opportunity to look at these with a fresh pair of eyes,” said Mr Ky. “At Airwallex, however, we have a builder’s culture – we take ownership, pride ourselves on craftsmanship and never settle. We’re regularly questioning, ‘What is the best way to manage the risk?’ and ‘Has the new technology afforded us new ways to manage the risk?’”

6. The role of adaptability and innovation

In the fast-paced world of fintech, the ability to adapt and innovate is paramount. Airwallex constantly seeks new ways to improve its offerings, venturing into areas like expense management. This commitment to innovation ensures that Airwallex remains ahead of the curve and continues to meet the evolving needs of its customers, challenging more established players.

Technology and talent underpin Airwallex’s ability to adapt and innovate as it scales globally, and Mr Ky said the company has invested in systems and data infrastructure – in addition to deepening relationships across teams to better understand and communicate business strategy. “Doing this will help us bring together both qualitative and quantitative data to inform our decisions across the HR function,” he said.

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“Better understanding of where the business is at right now, and where we want to go is critical to building Airwallex’s HR capability. As a tech company, we’re always seeking ways to automate our systems and processes to free up our time to work on more higher value work.”

7. The Airwallex advantage: A model for fintech success

Airwallex's journey serves as a compelling case study for aspiring fintech companies. By focusing on a clear USP, leveraging technology, prioritising people, and fostering a customer-centric culture, Airwallex has carved a niche for itself in the global cross-border payments and FX rates market. The company’s journey from a Melbourne startup to a global fintech leader is a testament to this culture – one that facilitates and enables the opportunity to ‘challenge the status quo’, according to Mr Ky. “This is a massive competitive advantage in the talent market,” he said.

“The opportunity to build things from the ground up, constantly encounter new challenges or new things to do (and not just look at one small widget in finance) and target internationally is our competitive advantage when it comes to attraction and retention. We’ve heard from candidates in the market, that there aren’t many companies where many talented people gather to try and solve some of the most challenging problems.”