Airwallex has made its US debut, as part of the Australian fintech’s global expansion strategy.
The cross-border payments platform provides international collection and transfer services for small and medium-sized businesses, and an API for larger enterprise businesses that require embedded payments and financial services.
The fintech’s entry into the US is made possible through a partnership with domestic finserv and Banking-as-a-Service (BaaS) provider Evolve Bank & Trust.
Airwallex has also been issued money transmitter licenses in various major states and has been permitted to provide money services in almost all states, including California, Texas and Florida.
The company will also lean on several local bank partnerships to introduce its suite of products, including multi-currency cards and an online payment acceptance solution that will allow US businesses to collect payments worldwide.
Airwallex says San Francisco will serve as a global engineering hub alongside Melbourne, Sydney, Shanghai and Amsterdam, which together will drive research and development of new products that it claims will strengthen its global infrastructure.
Airwallex CEO and founder, Jack Zhang, says: “The US is a major hub for technology innovation and is at the forefront of bringing traditional banking financial services into the new age. With our base in San Francisco, we are excited to be able to take part in that change.”
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