Airwallex annualised revenue hits US$900m amid AI assistant development
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The news: Fintech business Airwallex reached USD900 million ($1.4 billion) in annualised revenue in July, as the company focuses on developing AI-based tools to support expense automation and an AI assistant to support finance teams.
The numbers: Airwallex co-founder Jack Zhang said in a blog post the company's annualised revenue was 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.
As previously reported, he also flagged that in the June quarter Airwallex saw 13,372 new transacting clients and customer acquisition cost dropped 30%.
The context: Zhang said Airwallex is “investing heavily” in AI, including through its expense product to help automate data extraction from receipts, categorisation of transactions, learning from team inputs and rules application.
He also flagged the Airwallex AI assistant which is intended to support finance teams by “automating complex financial operations and transform data into actionable intelligence”.
Work is also underway on a “fully AI-native solution for founders and CFOs” to support finances “from incorporation to IPO” which could include opening accounts, managing spending and billing, bookkeeping, and compliance.
What they said: “We currently have a company-wide initiative for every team and every role to rethink how AI can transform daily work,” Zhang said.
“Our teams are diving deep into workflows, eliminating inefficiencies, and rebuilding processes from their core, placing AI and automation at the heart of everything we do.”
The source: Airwallex blog
