Airwallex acquires OpenPay to launch global billing platform
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The news: Payments firm Airwallex has acquired San Francisco-based billing firm OpenPay and announced plans to launch a billing platform, allowing it to compete with US rivals like Stripe.
The context: A press release from the company on Wednesday evening said that Airwallex’s billing capabilities will be available for both new and existing customers from Q4 2025 and will compete directly with Stripe Billing and Recurly.
“Most billing systems are locked in the past, they were never designed for a global, multi-currency world. That’s the gap we’re closing,” Jack Zhang, co-founder and CEO of Airwallex said in the release.
“By bringing OpenPay’s subscription management, orchestration, and analytics capabilities into Airwallex, we’re creating the first truly global billing platform.”
Airwallex did not disclose the financial terms of the transaction.
Airwallex co-founder Lucy Liu also told The Australian that the company plans to roll out an 'AI-powered CFO' for every new business to democratise sophisticated financial tools reserved for large corporations.
“The finance function itself is so complicated, and with the tools of an agentic AI, basically, with the autonomy, it can shift from a very manual process to more of a strategic like real time insights," Liu told the masthead.
The AI CFO is still being built with no immediate launch date set.
The numbers: Airwallex reached USD900 million ($1.4 billion) in annualised revenue in July, with the company's annualised revenue up 89% year on year. The USD900 million milestone was passed less than three months after crossing the USD800 million mark. Zhang also said the company had surpassed USD200 billion annualised transaction volume, up 92% on the prior year.
In May this year, Airwallex raised a USD300 million Series F round, at a USD6.2 billion valuation.
The sources: Airwallex press release, The Australian
