Airwallex Americas and EMEA outpace APAC

This jump shows Airwallex is winning where payments infrastructure is stickiest and most profitable, inside Western software and commerce workflows rather than only on cross border FX. In the Americas and EMEA, growth is being driven by domestic payments, card issuing, and embedded products used by platforms like Deel and Brex to issue local cards, collect funds, and reimburse employees, which carry better margins than classic money transfer and helped push gross profit growth above Asia-Pacific.

• Airwallex’s Western mix has shifted fast. By March 2025, 50% of gross profit came from white label card and payments products in Europe and the United States, up from a model built mainly on cross border spreads. That matters because card issuing and domestic payment flows usually monetize more consistently than FX alone.
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• The company has been building local distribution and licensing to support that mix shift. It expanded in Latin America through MexPago in Mexico and a payment institution license in Brazil, while earlier research showed 60% of revenue already coming from APIs and products like Payments for Platforms, which are better suited to software platforms and global merchants in the West.
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• This also clarifies the competitive lane. Stripe and Checkout.com are centered on merchant payment acceptance, while Airwallex is bundling acceptance, cross border treasury, multi currency accounts, and card issuing for global businesses. That broader stack gives it more ways to earn gross profit per customer as clients expand across regions.
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The next step is a deeper push into software led distribution across the Americas and Europe, where every new platform integration can pull through payments, cards, treasury, and embedded finance at once. If that mix keeps shifting toward domestic and embedded products, Western regions should become the main engine of margin expansion and make Airwallex look less like a remittance company and more like a global financial operating system.