Airwallex at $700M revenue
Jan-Erik Asplund
TL;DR: Airwallex is evolving from a cross-border payments provider to global-first financial infrastructure, with corporate cards and payments now driving over 50% of gross profit. Sacra estimates that Airwallex hit $700M in annualized revenue in March 2025, up 69.7% from ~$413M in March 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 company was going global and taking on Wise, PayPal, and Visa.
Founded in 2015 in Melbourne, Airwallex operates a global payments infrastructure that bypasses traditional banking rails, allowing businesses to hold, convert, and move money across borders at drastically lower costs than banks through a proprietary network that processes 93% of transactions outside of SWIFT.
Here's our Airwallex update with key points via Sacra AI:
- Sacra estimates that Airwallex reached $700M in annualized revenue in March 2025, growing 69.7% year-over-year from about $413M in March 2024, with transaction volume increasing to $130B and gross profit growth accelerating from 40% to 78% YoY.
- In Europe and the United States, Airwallex’s revenue mix is shifting away from low-margin cross-border payments, with 50% of gross profit now coming from Airwallex’s white label corporate card and payments products which allow global-first companies like Deel and Brex operating in hundreds of different markets to 1) issue local payment cards and 2) handle currency collections and employee expense reimbursements.
- Airwallex’s push into Latin America—through acquiring MexPago (Mexico) and securing a payment institution license in Brazil—positions Airwallex to capture the region's exploding cross-border commerce flows (cross-border represents 22% of Mexico's e-commerce with 44% annual growth), while its recent acquisition of CTIN Pay in Vietnam and announced expansion into Malaysia and South Korea extend its already-dominant APAC footprint where revenues grew 83% year-over-year in Q3 2024.
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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