Melbourne-based international payments company Airwallex has announced a strategic partnership to enable customers to transact with Europe, the United Kingdom and Scandinavia.
Airwallex customers will be connected to the UK and the Single European Payments Area via Railsbank to send and receive local payments.
This will cut costs and increase the speed and transparency of international payments.
It will also add Europe to Airwallex’s existing service to more than 100 countries out of Australia, China, and Hong Kong.
Airwallex will become Railsbank’s exclusive foreign exchange partner. It will facilitate cross-border transactions for Railsbank clients with Airwallex’s FX and proprietary payments systems.
The partnership also opens new trade opportunities for European businesses with China by helping to overcome challenging regulatory barriers to a booming market.
The partnership plays a strategic role in Airwallex’s Fintech plans to expand into new regions.
The startup recently raised a US$13 million Series A funding round from investors including Tencent Holdings, Sequoia Capital China and Mastercard.
