Airwallex Expands EMEA Presence with New Offices: 271% Q3 Revenue Surge

Thursday, 05/12/2024 | 09:39 GMT by Tareq Sikder

The firm's global processing volume exceeded $100 billion, with revenue over $500 million.

Staffing grew in Tel Aviv and Vilnius, with senior executives appointed in London and Amsterdam.

Airwallex has reported a 271% increase in revenue for its Europe, Middle East, and Africa (EMEA) unit in Q3 2024 compared to the same period in 2023. Transaction volumes also rose by 145% during this time.

The company has expanded its operations across the region, opening a new office in Paris and making its first hires in Abu Dhabi and Dubai. It also increased staffing in Tel Aviv and Vilnius and appointed senior executives in London and Amsterdam. The EMEA team now exceeds 150 employees from over 38 nationalities.

Global Processing Volume Surpasses $100 Billion

Simon Ellis, Head of Operations at Airwallex EMEA, Source: LinkedIn

Globally, Airwallex surpassed $100 billion in annual processing volume, marking a 60% year-on-year increase. Its products, including payments , FX, payouts, and issuing, contributed to an annual run rate revenue of over $500 million.

According to the press release, the company recently launched Airwallex Impact, a global social initiative supported by a 1% equity commitment valued at $56 million. The program also includes pledges of 1% of employee time, profits, and products for philanthropic efforts.

Simon Ellis, Head of Operations at Airwallex EMEA, said “Airwallex is in growth mode. We are investing in local strength across the EMEA region in order to fuel our ambition to drive success for our 100,000+ customers across the world."

Multicurrency Feature Eases Accounting

Meanwhile, Airwallex has integrated QuickBooks Online, allowing customers to import transaction data directly into QuickBooks as reported by Finance Magnates. This integration eliminates manual data entry and streamlines accounting reconciliation.

Customers can sync card, FX, payment, and transfer transactions across different currency balances using QuickBooks' Multicurrency feature. The OAuth connection ensures secure automated syncing of transactions between QuickBooks and Airwallex, reducing errors and improving financial management efficiency.

This integration also complements existing QuickBooks features for Bill Pay and Expense Management. In addition, Airwallex has integrated with other accounting platforms, such as Xero, Netsuite, and Sage, to further enhance its financial management capabilities.