Airwallex, Stake Team on Cross-Border Payments

FinTech company Airwallex has announced that it will be used by Australia-based digital brokerage Stake as a cross-border payments and foreign exchange (FX) partner, according to a press release.

Airwallex was chosen because its tech platform will allow Stake to receive, convert and pay out funds in various currencies, the release stated. This lets it serve customers in various markets.

Stake and Airwallex will be partnering on what the companies said in the release are “efficient and exciting solutions” for customers, including moving money between Wall Street and the Australia Securities Exchange (ASX). The integration will also see Stake expanding into New Zealand, Brazil and the U.K. as it goes for more international markets.

Airwallex CEO and Co-Founder Jack Zhang said in the release that the partnership is a “natural fit” as Stake has “truly disrupted” the brokerage market.

Zhang said the companies share a goal of “providing easy access to a global financial infrastructure, we empower businesses to operate anytime, anywhere.”

Stake CEO Matt Leibowitz added in the release: “This partnership will be important as we bring more products to our customers and ensure they’re delivered the way they should be; with a great customer experience at their heart.”

Earlier this month, Airwallex raised $200 million in Series E round, which was led by Lone Pine Capital. That helped the company’s valuation hit $4 billion. The company has also seen growth in the past year and reported a 150% year-over-year revenue increase in the first half of 2021.

Read more: Airwallex Raises $200M for Global Expansion, Product Development

Last month, Airwallex rolled out cross-border payments in the U.S., with a partnership with Evolve Bank & Trust.

See more: Australia’s Airwallex Launches Its Cross Border Services in US

The company will be setting up one of five engineering hubs in San Francisco. The others are in Melbourne; Shanghai, China; Syndey, Australia; and the Netherlands. Airwallex already has an office in San Francisco where around 30 employees are staffed.