Airwallex has revealed how its global financial technology has impacted McLaren Racing’s financial operations throughout the 2024 Formula 1 season.
Prior to this partnership, McLaren’s international payments run consisted of 30 payments made one at a time, which was inefficient and time-consuming. With Airwallex, McLaren can now push payments through a custom approval process and execute a batch payout using a template, taking under an hour per run.
Go deeper with GlobalData
Over the course of a month, this new process believed to save the McLaren Racing finance team half a day of work
Previously, the McLaren Racing finance team experienced slow transfer speeds, two to five business days, and high transfer fees when paying their international suppliers in US dollars.
As a result of leveraging Airwallex’s end-to-end payment system, McLaren Racing receives competitively priced foreign exchange (FX) rates and moves money through an extensive local payout network. McLaren Racing now has the flexibility to pay each global vendor in their local currency while reducing transfer times. For payout transactions, 90% arrive within hours, and 65% arrive instantly.
Laura Bowden, CFO at McLaren Racing, said: “At McLaren, speed and innovation are essential to our success both on and off the track. Like all departments at McLaren, the finance team is mandated to look for marginal gains by consistently reviewing processes and using technology to optimise our business. By constantly monitoring spend and reporting back to the business, we can find new ways to free up funds to re-invest in our on-track efforts. We’re grateful to be partnering with Airwallex to supercharge our global financial operations.”
Jon Stona, VP and Head of Global Marketing at Airwallex, added: “We are used to seeing McLaren Racing perform on the track with speed and precision. But less visible is that off the track, it takes team effort and world-class operational efficiency to put the drivers on the podium. We’re delighted to be playing a crucial part in this as we help streamline McLaren’s financial operations globally.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAirwallex and McLaren Racing first announced their multi-year partnership in February to enhance the team’s existing payments infrastructure, specifically across treasury management as well as cross-border pay-outs and settlement.
