Airwallex, a payments startup backed by Tencent, has reached a significant milestone with an annual revenue run rate of $500 million. CEO and co-founder Jack Zhang revealed the company’s aim to become IPO-ready by 2026, targeting $1 billion in annual revenue within the next two to three years. The Singapore-based firm has seen robust growth, particularly in developed markets like the U.K., Europe, and North America, where revenue in the Americas region grew by over 300% year-over-year.
Zhang emphasized that while Airwallex is currently not prioritizing annual net profitability due to its rapid growth, the company is actively leveraging artificial intelligence to cut costs and enhance productivity. Airwallex has begun a pilot project using AI workers from the company 11x, aiming to replace up to 70% of its sales development representatives with AI while enhancing the remaining roles.
Despite a challenging environment for fintech companies, with investor sentiment remaining conservative, Zhang expressed confidence in Airwallex’s potential. The company, valued at $5.6 billion, crossed $100 billion in annual payment processing volumes this year, marking a 73% increase from the previous year. Zhang stated that while it took nine years to reach the $100 billion mark, the next $100 billion could be achieved in less than a year.
Zhang also highlighted that while the fintech sector is facing difficulties, successful companies like Nubank, Revolut, Stripe, and Adyen continue to thrive. Airwallex is determined to position itself as a leader in global payments within the financial space.
Featured Image courtesy of Airwallex
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