"As the fintech sector comes roaring back, companies like Ramp and Stripe have dominated headlines with eye-popping funding rounds and rapid growth. But the Singapore-based Airwallex is not far behind, crossing $1 billion in annualized revenue as of October with a year-over-year growth rate of 90%, according to cofounder and CEO Jack Zhang."
"Founded in 2015, it took nine years for Airwallex to reach its first $500 million in annualized revenue, but only one more year for that to double to $1 billion. With gross profit margins above 60%, according to Zhang, Airwallex is quickly becoming a formidable player in the U.S. The company was last valued at $6 billion in a May funding round, compared to Ramp's last valuation of $22.5 billion and Stripe's $106 billion."
Airwallex crossed $1 billion in annualized revenue as of October while growing 90% year over year. The company expanded beyond cross-border payments and foreign exchange into business banking accounts and spend management. Airwallex competes with Ramp, Stripe, Mercury, Brex, Revolut and other fintechs. Founded in 2015, Airwallex reached $500 million in annualized revenue after nine years and doubled to $1 billion within a single year. Gross profit margins exceed 60%. The company achieved cash flow positivity at the end of 2023, reinvested in growth, and targets profitability in the fourth quarter of 2025 while accelerating expansion into North America and Europe.
Read at Fortune
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