Business services provider Vistra and financial platform Airwallex announced a partnership on the Vistra platform.
Via the collaboration, Vistra will integrate Airwallex’s business account and embedded finance products into its platform, giving its users more convenience and efficiency in handling their global operations, the companies said in a Monday (Feb. 24) news release.
“Through this integration, Vistra’s clients can now execute on the two most important tasks of operating internationally using its platform, establishing an entity and enabling the entity to transact by way of opening a global business account,” the release said. “Not only this, but
Vistra’s clients will also have access to the competitive foreign exchange coverage offered by Airwallex’s 24/7 pricing, according to the release.
“Embedded finance is part of our ambition to give clients the necessary tools to conduct and grow their global business with ease,” Vistra President of Global Solutions Jonathon Clifton said in the release. “Whether they want to transfer funds between their entities, pay employees or suppliers, they can now do so faster and with access to best FX rates any day of the week, while managing other entity-related tasks all in one unified place on the Vistra platform.”
In October, Airwallex was in talks to raise $200 million at a $6 billion valuation.
“As a rapidly scaling company, we are always in dialogue with investors about our performance and growth plans,” Airwallex said in a statement at the time.
Airwallex was valued at $5.5 billion in October 2022 after raising $100 million.
In August, Airwallex reported that its yearly processing volume exceeded $100 billion, which amounted to a 73% jump year over year. The company also recorded growing volumes across all products, such as payments, FX, payouts and issuing, with an annual run rate revenue of about $500 million.
The company was founded in Australia in 2015. Its services include bill payments for companies that employ workers globally, expense management, multicurrency debit cards and helping small businesses create local currency accounts worldwide.
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