Source: Wit Olszweski
- Ripple collaborator Airwallex makes a groundbreaking expansion into the fintech and payments ecosystem with a partnership with YEEID.
- As part of the plans to continue expanding, it recently announced another partnership with American Express.
Ripple collaborator Airwallex makes headlines with a strategic partnership with Chicago-based Fintech startup YEEId. YEEId has over the years sought to enable businesses of all sizes to incorporate its payment acceptance technology. The company was co-founded by Emily Tsitrian and Mira Boora, who had formerly worked with Stripes.
According to reports, the company was founded based on its experience with digital payment integration delivery. Tsitrian and Boora reportedly had plans to launch world-class integration, advisory services, and products for ingenious companies. Since its inception, YEEId has collaborated with several companies and is seeking to make further expansion into the fintech and payments ecosystem.
Tsitrian, co-founder and CEO of Yeeld commented on this partnership:
As the world becomes more interconnected, leading global companies continue to innovate and expand, and international payments have become critical for this evolution. We believe that Airwallex’s approach to international payments and global financial infrastructure greatly facilitates the type of growth our clients expect from their payment provider. Yeeld looks forward to delivering even more innovation in this space through this partnership.
Airwallex exists as the leading global payment and financial platform for modern businesses. Jessica Chiu, VP, of Strategic Partnerships, NA at Airwallex spoke about this partnership with YEEID:
To thrive in today’s environment, businesses need the right mix of global payments and financial technology to simplify their financial operations. Airwallex enables businesses of all sizes to scale across borders. Together with Yeeld, we’re excited to help businesses grow.
Airwallex Continues to Grow and Expand
Recently, Airwallex announced a partnership with American Express as part of its efforts to increase its merchant payment acceptance option. This was to enable Airwallex customers in Australia, Hong Kong, Singapore, and the United Kingdom to accept payments through American Express cards.
Airwallex has also been using RippleNet since 2017. The company has been recording incredible revenue growth in the past few years. According to a report dated June 2023, Airwallex recorded a 115 percent increase in revenue Year on Year across Australia and New Zealand. Its global revenue growth was 120 percent Year on Year and a 77 percent increase in global transaction revenue.
According to Airwallex General Manager for Australia and New Zealand, Luke Latham, this report shows the demand within the business community for productivity growth. He further disclosed that 98 percent of customers’ transactions in Australia and New Zealand are facilitated via Airwallex’s proprietary infrastructure.
For now, the company has 1,400 staff worldwide with 200 in Australia. Latham stated that the company has plans to continue expanding its workforce. On top of that, he explained how its operations work.
In Australia, when customers deposit funds into an Airwallex business account, the entire amount of those funds is guaranteed by an authorized deposit-taking institution (such as a bank), with the benefit of that guarantee held by an independent trustee on your behalf. To achieve this, Airwallex holds your money in an ADI account where it is not available to Airwallex’s creditors. Airwallex cannot lend or use your money for other purposes, such as to fulfill operational needs or to invest in assets. That means that whenever customers wish to withdraw money or make a payout from their Airwallex account, that money will be available.
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