← State of Embedded Finance 2026

Airwallex

Can a multi-currency business account become the default global finance OS for non-US SMBs and platforms, displacing both legacy banks and Stripe?

Founded2015
HQSan Francisco, USA & Singapore (dual HQ)
FoundersJack Zhang, Max Li, Lucy Liu, Xijing Dai, Ki-lok Wong
Total raised$1.5B
Latest roundSeries G, December 2025
Valuation$8B (December 2025)
IndustryInfrastructure / FX
The story

Founded 2015 as a cross-border FX solution for SMBs frustrated by traditional banking markups. Expanded into a full multi-currency business account, then layered on spend management, corporate cards, and bill pay to become a finance OS for global SMBs. Launched embedded finance / BaaS APIs around 2021, positioning itself as a Stripe-alternative for non-US platforms needing global accounts, FX, payouts and card issuing. Now competing directly with Stripe, Wise, Rapyd, and Adyen across both direct-SMB and platform-API channels.

Last 12 months
2025-12
2025-12
Product timeline
2015
Founded in Melbourne by Jack Zhang and co-founders after experiencing FX inefficiencies running a coffee shop· founding
2019
Became Australia's third tech unicorn· milestone
2021
Launched embedded finance / Banking-as-a-Service platform for marketplaces and platforms· pivot
2023
Expanded into investment products (Yield)· banking
2025
Raised $330M Series G at $8B valuation; established San Francisco as dual global HQ· funding
2025
Previewed specialized AI agents for automating financial operations· product
Regulated entities
AFSL
Australia (ASIC)
Airwallex Pty Ltd (AFSL 487221)
AFSL
Australia (ASIC)
Airwallex Capital Pty Ltd (AFSL 549026)
Payment Institution
Brazil (Banco Central)
AWX Brasil Instituição de Pagamento Ltda.
EMI
EU (Netherlands / Lithuania)
Airwallex (Netherlands) B.V. / Lithuania entity
EMI / Payment Institution
UK
Airwallex UK
MSO / SVF
Hong Kong
Airwallex (Hong Kong) Limited
MPI
Singapore (MAS)
Airwallex (Singapore) Pte Ltd
MTL
US (multi-state)
Airwallex US, LLC
In the press
embeddedfinancereview.com ↗
Coverage sourced from Embedded Finance Review — a content partner for this report. All articles are © their original authors; click any card to open the source.
🎙 interview2026-05-07
Why Embedded Finance Wins Where Banks Can't Reach, with Tom Sellin from Airwallex
Airwallex Head of Growth DACH Tom Sellin on the embedded finance API, who is already using it, and what it takes to bring a global fintech to the German market.
airwallex
Source · Embedded Finance Review ↗
◇ article2026-03-04
Airwallex launches in Germany & 9 More February Stories
Ten embedded finance stories, two podcast episodes, and an April Berlin event with 50% of tickets already gone. February roundup from Embedded Finance Review.
airwallex
Source · Embedded Finance Review ↗
◇ article2026-02-10
Amazon Germany scales seller lending to €5M + Airwallex invests €31M in DACH
This week: Amazon scales seller lending to €5M with Banxware, Airwallex launches in Germany with €31M investment, QuickBooks enters UK lending.
airwallex
Source · Embedded Finance Review ↗
◇ article2026-02-03
Airwallex Expands to DACH with €31 Million Investment
Airwallex launches in Germany with €31M investment. The Australian payments platform targets SMEs and embedded finance partnerships across the DACH region.
airwallex
Source · Embedded Finance Review ↗
◇ article2025-07-18
Dext Partners with Airwallex to Launch Embedded Payments Solution
Dext partners with Airwallex to launch embedded payments solution for accounts payable automation. Analyzing the strategic implications for accounting providers.
airwallex
Source · Embedded Finance Review ↗
◇ article2025-03-09
Airwallex launches new products focused on the creator industry
Airwallex launches tax submission features for creator platforms as part of embedded finance push. Why global reach beats local features for cross-border creator economy.
airwallex
Source · Embedded Finance Review ↗
◇ article2025-03-09
Lexware Expands Financing Stack + Airwallex Targets Creators
Lexware adds Youlend to its financing partners; Airwallex launches new products tailored for the creator economy and UniCredit's strategic acquisition in the banking-as-a-service market.
airwallex
Source · Embedded Finance Review ↗
◇ article2024-07-08
Deel launches a card with Airwallex, but invests in a competitor?
Amazon Germany might re-launch their popular credit card with a new bank partner soon, Adobe Commerce partners with Klarna, an HR software provider embeds payroll, a new embedded finance provider emerges in Switzerland and an embedded payment provider in the US is gaining momentum.
airwallex
Source · Embedded Finance Review ↗
The stack
Payments / PSP
Airwallex Payments (self-operated)Airwallex Checkout (self-operated)Airwallex Payment Links (self-operated)Airwallex Payment Plugins (self-operated)Airwallex POS Payments (self-operated)
Banking / BaaS
Airwallex (in-house)
Card issuing
Airwallex Issuing (in-house)
Ledger
Airwallex (in-house)
Lending
Lending opportunities via Banking-as-a-Service (referenced in BaaS marketing)
Open banking
PlaideGIRO
FX & payouts
Airwallex (in-house)
Accounting
XeroNetSuiteQuickBooksCustom Accounting Data Importer (CSV)
Accounting gap: none