Airwallex to dedicate 1% of its value to start-ups

Airwallex, a global fintech and international payments giant with a global platform for payments and financial services that entered the Israeli market last year, has launched Airwallex Impact, a powerful global impact program in which it commits to allocating 1% of the company’s resources to philanthropic initiatives. The resources allocated include employees’ time, revenue, and products to be donated to the innovation community.

Airwallex joins leading global technology companies participating in the Pledge 1% program, including Atlassian, Canva, Airbnb, Okta, Reddit, and Salesforce. Following its joining of Pledge 1% and the allocation of $56 million, approximately 1% of Airwallex's current value, the company has developed a sustainable and ongoing model for its corporate philanthropy. This current financial allocation will increase as the company grows, forming the basis for a larger contribution in the field of social impact. This new activity adds to a range of donations the company has made, including: AUD 3 million to the University of Melbourne to fund scholarships for 43 students, 40% of whom are women and 56% are international students. In addition, Airwallex provided financial assistance worth $150,000 to 65 students for their ongoing expenses during their studies. These students joined the Airwallex community in various ways. In the two years since the program's launch, employees of the company have donated 400 hours to these students, mentoring them during internships and offering formal training.

The Airwallex Impact program will expand this activity through philanthropic partnerships and support the next generation of investors and entrepreneurs through scholarships, training funding, and start-up incubators. Alongside the philanthropic activity, Airwallex's impact program will offer a range of resources to the innovation community through training programs involving employees, through the company’s start-up program, and funding discounts on selected products for non-profit organizations. This last program is funded by the company's commercial activities.

Airwallex's start-up program for entrepreneurs and company founders was launched in September 2023, implemented in Australia, Singapore, and Hong Kong, and will be launched this month in New Zealand. To date, 20,000 start-ups have joined the program and benefit from the company’s efforts to strengthen the start-up ecosystem through grants from partners, networking events, and additional resources tailored to the needs of entrepreneurs. To date, Airwallex has hosted 50 events aimed at nurturing the success of start-ups.

The company plans to expand the program globally over the next two years. This global activity is based on Airwallex's proven experience in mentoring and nurturing start-up communities in Australia. In recent years, Airwallex has helped break down barriers faced by entrepreneurs by sharing knowledge, access to capital, including training funding at the Techstars Australia incubator, and grants to early-stage start-ups in AI and fintech to accelerate their growth.

"Starting in 2025, all 1,600 Airwallex employees will contribute three workdays to volunteer activities, approximately 1% of their work time dedicated to community activities," said Or Liban, CEO of Airwallex for Israel and the Middle East. "Two of these three days will be dedicated to activities within the framework of Airwallex's impact program, and one day will be dedicated to activities for a non-profit organization of each employee's choice. Additionally, by mid-2025, Airwallex will launch a program in which selected non-profit organizations will be able to use the company’s products at a reduced price. Airwallex's Israeli branch also intends to participate in the program to support the local ecosystem."

The global fintech giant Airwallex processed transactions worth nearly $500 million in its first year of activity in Israel. In the first quarter of 2024, the company's revenue in Israel grew by 129% year-on-year, and the transaction volume increased by 51%. As of August this year, Airwallex globally processed transactions worth more than $100 billion annually, a 73% year-on-year increase. Airwallex continues to record growth in the volumes of all its products, including settlement, foreign exchange, transfers, card issuance, embedded finance, and an annual run rate of approximately $500 million. These achievements come after the company transitioned to positive cash flow at the end of 2023, the result of successfully adapting its products to the market, a vast global infrastructure, and ongoing expansion into new markets.

Airwallex was founded in 2015 in Melbourne, Australia, and is one of the fastest-growing companies in the world in the payments and financial infrastructure sector. The company is valued at $5.6 billion and has raised over $900 million from some of the world’s leading investment firms, including Sequoia, DST Greenoaks Capital, Salesforce Ventures, Lone Pine Capital, and iVentures 1835 (ANZ Bank). Airwallex employs 1,500 people in 23 offices worldwide and plans to hire additional employees in Israel and the Middle East during 2024.