Airwallex Expands into Global In-Person Payments
Hey FinTech Fanatic!
The race to own in-person payments is heating up.
Long dominated by players like Stripe, Adyen, and Square, in-person payments remain an operational challenge for merchants, a gap that Airwallex is quietly moving to close.
The Australian FinTech is launching a point-of-sale product that allows businesses to accept in-person payments in multiple countries via a single platform, without onboarding local vendors in every market.
This is no side project. Airwallex has spent years building the financial infrastructure to back it up. For instance, it took the company seven years to obtain a license in Japan that allows it to hold funds after processing payments. Local acquiring, regional payment methods, and regulatory compliance don't happen overnight, and Airwallex has done the legwork.
“There’s just not been a real competition to Stripe in the last 15 years, which is quite amazing considering how big the market is,” said Jack Zhang, CEO and co-founder of Airwallex.
In 2019, Stripe offered to acquire Airwallex for $1.2 billion, when Airwallex had just $2 million in revenue. Today, Airwallex is valued at $8 billion by its investors and claims it generates annualized revenue of about $1.3 billion.
The rest of the FinTech landscape is waiting below. 👇See you on Monday!
Cheers,
#FINTECHREPORT
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🇦🇺 Airwallex is about to take on Stripe and the rest of the payments industry in the physical world. Airwallex is expanding into in-person payments with a new point-of-sale product. The offering allows businesses to accept payments across multiple countries through a single platform, leveraging Airwallex’s global payment infrastructure and licenses to simplify international expansion and reduce reliance on local providers.
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