Airwallex sees 153% revenue increase in Singapore for 2024

Airwallex has reported a 153% increase in revenue in Singapore for 2024, driven by strong transaction volumes and a robust performance in the final quarter.

Singapore's revenue growth was particularly marked in the fourth quarter, with a year-on-year increase of 215% and a corresponding rise in transaction volume of 192%. Across the full year of 2024, Singapore's transaction volume experienced an increase of 159%, with notable local customer acquisitions including Endowus, Love, Bonito, and Mighty Jaxx.

The company's headcount in Singapore has expanded by 58% over the year. Airwallex has focused its hiring efforts on various functions, including Corporate, Commercial, Product, Engineering and Design (PED). The PED function saw the most significant growth at 98% as the company sought to enhance its AI, data, and engineering capabilities. To accommodate this growth, Airwallex expanded its office space at its Singapore headquarters in Guoco Tower.

Lucy Liu, President and Co-founder of Airwallex, commented, "2024 marked a new phase of growth for us in Singapore and across the region. Our 2024 performance in Singapore shows what's possible when businesses have access to powerful financial infrastructure. Our unrivaled tech platform and infrastructure spanning the globe provide businesses here with the solution they need to unlock their cross-border opportunities."

"Airwallex is proud to partner with them and welcome them into our network. These partnerships continue to drive our growth, and we're now scaling that momentum across the region. Singapore's strong tech talent pool and vibrant digital economy have also been key to fuelling our expansion."

Airwallex surveyed 250 local business decision-makers in Singapore, highlighting the key challenges and opportunities faced by small and medium enterprises (SMEs) in the country. According to the survey results, rising costs were identified as the most pressing issue by 62% of the respondents. Challenges related to managing cash flow locally and internationally were highlighted by 48%, while inflation and regulatory complexities were noted by 43% and 40%, respectively.

The survey also pointed out a significant talent shortage dilemma facing SMEs, with nearly half (46%) indicating a lack of suitable manpower as a growth barrier. Skill mismatches and labour shortages were prominent challenges in the hiring process.

Despite these challenges, SMEs continue to focus on expansion. Southeast Asia emerged as the preferred destination for overseas growth at 40%, followed by East Asia and Central Asia at 37% and 30%, respectively. About 76% of SMEs reported plans to increase spending, with 33% intending to make significant investments to enhance revenue capture and operational efficiency.

Furthermore, the survey results highlighted a strong trend towards adopting digital and fintech solutions among SMEs. Nearly all respondents (96%) have either integrated or plan to integrate digital platforms to support their business finance operations, emphasising convenience, faster transactions, cost savings, and robust features as critical motivations. Additionally, 91% expressed confidence in fintech platforms to manage their financial transactions effectively.

Ershad Ahamed, Head of Southeast Asia at Airwallex, stated, "SMEs are crucial to Singapore's economy. They make up 99% of all businesses and contribute nearly half of the nation's GDP. Our research shows they're ready to grow and expand into new markets, despite the challenges they face. Understanding their pain points allow us to design and provide products and services that address their priorities and pressures. As their partner, we're here to empower them to scale with smarter, more resilient financial tools – addressing the various financial pressures they encounter with the speed, transparency, and efficiency our solutions provide."

Founded in 2015 and now headquartered in Singapore, Airwallex continues to experience global growth. The company recently launched operations in New Zealand and acquired CTIN Pay in Vietnam, surpassing USD $600 million in annualised revenue and achieving an annualised transaction volume of USD $130 billion. In 2025, Airwallex was recognised among Fast Company's "World's Most Innovative Companies" for its contributions to financial innovation.