Australian cross-border payments start-up Airwallex has launched its services in the US, with plans to expand its footprint across North America.
The firm already has an office in San Francisco since 2019 and currently has a team of 30 members across product and engineering, legal, risk and compliance, partnerships, and sales.
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It plans to further expand the US team over the coming months.
Airwallex’s US entry is supported by a partnership with domestic bank Evolve Bank & Trust.
The firm has also secured money transmitter licenses in several major states and is permitted to operate money services business in most of the US states, including California, Texas, and Florida.
In addition, it has secured a number of local bank partnerships and licenses to launch its suite of products and services to businesses in the US.
These include multi-currency cards and an online payment acceptance solution that enables businesses to collect payments from customers globally.
Commenting on the development, Airwallex co-founder and CEO Jack Zhang said: “The US is a major hub for technology innovation and is at the forefront of bringing traditional banking financial services into the new age.
“With our base in San Francisco, we are excited to be able to take part in that change and provide businesses in the US with an infrastructure that can seamlessly handle their international payments and financial services needs.”
Founded in 2015, Airwallex has 12 offices with a global team of more than 900 employees.
The company offers a business account which includes cards, international collection and transfer and other value-add solutions for Small and Medium-sized businesses.
It also provides an API for larger enterprise businesses that need embedded payments and financial services.
In March this year, Airwallex raised an additional $100m in a Series D extension at a valuation of $2.6bn.
