(7 April 2025 – United Kingdom) Singapore-based payments platform Airwallex, valued at $5.6 billion, is preparing to enter the banking arena, with plans to apply for a banking licence in the United Kingdom and acquire a bank in the United States as part of its strategy to scale lending services and rival global financial institutions.
Chief Executive Jack Zhang told the Financial Times that the company – originally founded in Melbourne in 2015 and now headquartered in Singapore – views the UK as a favourable regulatory environment for fintech growth.
“We are planning to apply for a UK banking licence, the UK is one of the most friendly markets for fintechs . . . the [Financial Conduct Authority] is still one of the best regulators,” Zhang said.
While Zhang acknowledged that navigating the US regulatory landscape is “a lot more complicated” due to its fragmented structure of federal and state authorities, Airwallex is eyeing a bank acquisition as a more viable route to becoming licensed in that market.
Until now, Airwallex has operated under payment licences, offering multicurrency accounts, cross-border transfers, and payroll services for global companies such as McLaren. However, the company is limited in its ability to provide credit at scale. It has started trialling a business credit card in Australia as the first step in a broader move into lending.
“Any product that a global bank has, we will have,” Zhang said. “Ultimately in a decade I think we’re going to displace some of the global banks.”
In terms of expansion, the firm launched operations in France and Benelux last year, and is eyeing entry into Ireland and Germany next.