How does Airwallex’s record $100bn volume compare?
Earlier this month, Airwallex announced that it had passed $100bn in annualised transaction volume for the first time in a rare release of financial data. But how does it compare to other players?
Airwallex’s record annualised transaction volume sees the company grow this by 73% YoY, and with north of 100,000 customers globally, it is now achieving annualised volumes per customer (VPC) of just below $1m.
This is above many competitors. OFX’s Corporate segment saw VPC of around $550,000 in its financial year 2024 (equivalent to calendars Q2 2023 to Q1 2024). Meanwhile, Payoneer and Wise’s Business segment saw VPC of around $133,000 and $98,000 respectively in the 12 months to 30 June 2024. However, travel and education-focused Flywire saw considerably higher VPC of around $6.5m over the same period.
The variation is largely the result of different areas of focus within the B2B payments space, and the range of products Airwallex now offers. Back in 2022, Airwallex CEO Jack Zhang told us that the company was turning its attention to becoming a “single operating system” for global businesses, broadening the range of solutions it provided to each customer in the process.
This has seen Airwallex roll out multiple solutions over the past few years, with recent examples including Airwallex for Startups and launch of payment acceptance in the US – the latter of which, along with the acquisition of key licences, has helped drive 300%+ revenue growth in the Americas. The company’s products now cover a multicurrency business account that includes borderless cards, cross-border payments, expense management and bill payment, alongside embedded finance solutions and APIs.
This means that Airwallex now competes with multiple company types, but it also underscores that much of its recent volume growth is likely to have come from existing customers. While the company has not said how many new customers it onboarded over that past 12 months, it reported growing volumes across all products, including payments, FX, payouts and issuing.
However, while it is reporting higher volumes than many other players, the gap is not as pronounced on revenue. While Airwallex is reporting an annual revenue run rate of close to $500m, Payoneer reported revenues of $900m for the 12 months to the end of June, despite having lower volume and less than 15% of the VPC. Wise Business, meanwhile, reported $309m revenue for the same period with around 10% of the VPC.
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