‍It can be hard for small businesses to go global. Fintech unicorn Airwallex knows this because they felt the same way.

Airwallex’s roots start at a coffee shop in Melbourne. Jack Zhang and Max Li owned a coffee shop and had to buy coffee beans and cups overseas.

The problem? International transactions were way more complicated than they should be. They had to pay massive additional fees because they were working with suppliers from different countries—and we all know every dollar counts when you run your own business.

Fast forward to today, Jack and Max run Airwallex, a global financial platform that helps over 100,000 businesses all over the world do business internationally—minus high transfer fees or long waiting times.

Last valued at $5.6B, their clients include Brex, Rippling, SHEIN, and many more.

This is the story of a company that simplified global payments for businesses everywhere.

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⏰ Humble beginnings‍

Jack was born in the Shandong province of China and grew up in Melbourne, Australia, during his teens.  

But from a young age, Jack’s parents knew their son was clever and outspoken. His favorite hobby was running a magazine called Urban Exploration. There, he talked about his passion for computer games.

But Jack’s parents knew that he was destined for greater things. “If you’re very vocal about things, that’s not necessarily a very good thing,” he shared. “That’s why they decided to send me to Australia.” It was an atmosphere that would give their teenager a better chance to fulfill his potential.

It was a huge shift for Jack, physically and mentally. “I went from, academically, the top 100 in my school to some random student that didn’t speak English very well,” he said. But he was determined to succeed.

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😬 Growing pains

He eventually started studying computer science at the University of Melbourne.

Back home, his family was struggling financially.

His mother started selling Internet voice calling solutions to local businesses to fund Zhang’s studies. But the exchange rate between Australian dollars and yuan was too high.

To raise more funds, Jack washed dishes at a restaurant and did some cooking. Still, it wasn’t enough.

So, he started lifting boxes at a lemon factory outside of Victoria, Australia. These hours of hard work took a toll on his body, but he had no other way to pay for his studies.

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☕ Learning to pivot

When Jack graduated, he started working at an insurance company. But he knew he could keep growing his career. He then started a real estate company with his friend Max Li.

Still, they wanted to do more!

The two friends realized that they could bring Australian coffee culture back home to China. To test their idea, they started the Tukk & Co coffee shop.  

The coffee shop was a success. But there was still a big issue. Buying coffee beans from Brazil, Indonesia, and Kenya came with high exchange fees.

And when they tried to buy coffee cups from China, it was difficult to make sure that the money entered the supplier’s bank account!

Navigating problems with exchange fees took a lot of time and money. Instead of settling for these struggles, Jack wanted to do something about it.

He was working as a software engineer at ANZ Bank. But he didn’t feel fulfilled. He wanted to do something that would one day make his daughter be proud of him.

So he quit his job, and started brainstorming.

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💪🏼 Just getting started

In 2015, Jack Zhang and Max Li started Airwallex with their friends Xijing Dai and Lucy Liu. Lucy first invested $1M in the business, before becoming a co-founder herself.

The group knew they wanted to focus on making international payments smoother and easier.  

It was an ambitious goal. Most of their early attempts failed, and banks weren’t interested in taking Airwallex on.

But they never gave up. After a confidence boost from partnering with Macquarie Bank, they got the attention of Sequoia China (now HongShan).

The team worked tirelessly to pitch their ideas. Finally, they ended their Series A funding with $13M from Sequoia China and Mastercard.

Their goal was to become a unicorn in three years…but they achieved it much faster than they imagined—just one year after!

They had little competition in the Asia-Pacific region. Airwallex was perfectly positioned to support businesses from the region as they aimed to go global.

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😱 Struggling to succeed

Still, the road to success was a bumpy one.

In 2018, Stripe offered to buy the company for $1.15B. Airwallex had technology that Stripe didn’t. And Stripe had strong payment processing systems and credit cards to benefit Airwallex too!

The deal almost pushed through…until it didn’t.

By partnering with Stripe, “we won’t really have the ambition we used to have to build and grow the business,” realized Jack. The Airwallex team wanted to keep pushing the boundaries of their own growth.

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💯 Here and now

Now, Airwallex is a modern alternative to banks for businesses of all sizes. With over 60+ licenses and permits, they allow businesses to send and receive money globally.

In 2022, their Series E2 funding round valued the company at $5.6B.

By 2023, Airwallex’s revenue grew by 1,213% and by 1,013% in total transactions!

Being based in Singapore is key to their success across Southeast Asia. “As one of our fastest-growing markets to date, we are confident about our growth in Singapore and will continue to invest in the business across Southeast Asia,” said General Manager of Asia, Arnold Chan.

In the first quarter of 2024, Airwallex Singapore saw a 320% year-on-year increase in revenue and now supports companies like Kris+ by Singapore Airlines, EU Holidays, Dreamcore, Igloohome, among others.

Airwallex keeps growing because they never settle.

Their coffee shop days may be in the past, but their curiosity and adaptability are key to their success. They didn’t wait for someone to solve the problem—they did it themselves.

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This article was written in partnership with Airwallex.

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Airwallex has just launched Airwallex for Startups for businesses like yours. Get the chance to win an SG$10,000 Level-up Business Grant to unlock your next level of growth, thanks to Airwallex for Startups!

Applications are now open and will close at 11.59pm on 8 September 2024. The winner will be announced at a partnership event in the lead-up to the Singapore Grand Prix later in the year. Apply here!

Airwallex for Startups aims to empower startups to grow and scale their businesses, offering them tips and tools to manage their finances more effectively from the start of their journey and enable them to better connect with the ecosystem. As Airwallex continues to support businesses globally in their expansion, they are now launching this program in Singapore. Singapore is the third market where Airwallex has launched this exciting initiative, which began in Hong Kong and Australia.

About Airwallex

Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne and headquartered in Singapore, Airwallex supports over 100,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visit http://www.airwallex.com.