Payments platform Airwallex says its yearly processing volume has exceeded $100 billion.
That marks an increase of 73% year over year, the Australian company announced in a Thursday (Aug. 15) press release. The company also noted it has witnessed increasing volumes across all products, such as payments, FX, payouts and issuing, with an annual run rate revenue nearing $500 million.
The company points out that these milestones follow Airwallex reaching cash flow positivity at the end of last year.
“Crossing the $100 billion threshold and turning cash flow positive solidifies our confidence in the durability and scalability of our business model,” Airwallex Co-founder and CEO Jack Zhang said in the release.
“While demand is slowing in many corners of the tech economy, serving the payments and financial operations of global businesses remains a significant market opportunity. We’re proud of how far we’ve come in the past nine years, and we are more ambitious than ever in supporting millions of global businesses to grow beyond borders.”
The company notes that its ability to operate across borders can help companies grow by accelerating international expansion, optimizing supply chains, or attracting talent, tapping into “a total addressable market opportunity estimated to be worth more than $570 billion by 2027.”
Airwallex adds that its traction in the Americas has helped drive its success, with revenues in the region increasing 300% year over year.
Airwallex in April expanded its payment acceptance solution to the U.S., letting merchants accept payments from both domestic and international customers. This also lets foreign merchants with U.S. entities offer localized payments to their U.S.-based customers.
“We’re investing here for the long-term, showing businesses of all sizes what a truly global financial structure can deliver,” Ravi Adusumilli, executive general manager of Americas at Airwallex, said in a news release at the time.
“The opportunity we’re delivering is two-fold: helping U.S. companies tap into a global customer base and helping businesses around the world access the massive U.S. market.”
More recently, Canadian business finance platform Float chose Airwallex to power its new bill pay offering, which can handle domestic and overseas transactions and includes bank transfers, EFT, wire and ACH, the companies said last month.
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