Airwallex at $600M revenue
Jan-Erik Asplund
TL;DR: Airwallex is evolving from a cross-border payments provider to a comprehensive financial operating platform, with Corporate Cards and Payments now driving over 50% of gross profit. Sacra estimates that Airwallex hit $600M in annualized revenue by the end of 2024, up from $500M in mid-2024, with transaction volume increasing to $130B across 150,000 businesses globally. For more, check out our full report and dataset on Airwallex.
We first covered Airwallex at $100B in annual transaction volume in May 2024, up 73% year-over-year, with a revenue run rate of $500M when the Melbourne-based cross-border payments company was going global and taking on Wise, PayPal, and Visa.
Here's our Airwallex update with key points via Sacra AI:
- Sacra estimates that Airwallex reached $600M in annualized revenue by the end of 2024, growing 20% from the $500M reported in mid-2024, with transaction volume increasing to $130B and its customer base expanding to 150,000 businesses globally for an average revenue per customer of $4,000.
- Airwallex's revenue composition has shifted as Corporate Cards and Payments products now drive more than 50% of the company's commercial gross profit, with quarterly year-over-year gross profit growth accelerating from 40% to 78% since Q1 2024, reflecting the evolution from pure cross-border payments to a comprehensive financial operating platform.
- The company's strategic acquisitions in Latin America—including MexPago in Mexico and securing a payment institution license in Brazil—position Airwallex to capture the region's growing cross-border payment needs, where Mexico has surpassed China as the US's largest source of imported goods and cross-border transactions account for 22% of the country's e-commerce activity.
For more, check out this other research from our platform:
- Airwallex (dataset)
- Ramp (dataset)
- Brex (dataset)
- Kapital (dataset)
- The neobank capital cycle
- Brex: the $400M/year anti-Amex
- Stablecoins > Visa
- Stablecoin diplomacy
- Bhanu Kohli, CEO of Layer2 Financial, on stablecoin-backed payments for platforms
- Farooq Malik and Charles Naut, co-founders of Rain, on stablecoin-backed credit cards
- Fernando Sandoval, co-founder of Kapital, on stablecoins for cross-border payments
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