- Airwallex reports 153% revenue growth in Singapore for FY2024, fuelled by robust transaction volumes and a strong Q4
- New SME study reveals rising costs, talent shortages, and global expansion plans as top priorities for Singapore businesses in 2025
- A significant 96% of local SMEs are embracing or intending to use digital and fintech solutions, driven by rising confidence in modern platforms
SINGAPORE–(BUSINESS WIRE)–Airwallex, a leading global payments and financial platform, today reported strong FY2024 performance in Singapore. FY2024 revenue in Singapore more than doubled, growing 153% year-on-year (YoY), fuelled by strong transaction volumes and a standout Q4.
Momentum builds for Airwallex Singapore with strong business performance, growing headcount, and office expansion
“2024 marked a new phase of growth for us in Singapore and across the region,” said Lucy Liu, President and Co-founder, Airwallex. “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.”
Singapore’s Q4 results were particularly strong, with revenue jumping 215% and transaction volume up 192% YoY. Across 2024, Singapore’s transaction volume rose 159%.
Airwallex has also expanded its local footprint with brands like Endowus, Love, Bonito, and Mighty Jaxx, while continuing to empower customers such as EU Holidays, Far East Flora, and Huber’s Butchery, helping them grow and digitalise.
Throughout FY2024, Airwallex grew its headcount in Singapore by 58%. As of early 2025, the company has more than 250 employees based in its Singapore office, which serves as its global headquarters. Hiring spanned Corporate, Commercial, and Product, Engineering and Design (PED) functions, with PED seeing the strongest growth – a 98% increase – as the company invested heavily in building out its AI, data, and engineering teams. To support this growth, Airwallex expanded its office footprint in Singapore, taking up additional space on a new floor at its current premises in Guoco Tower.
Singapore SMEs eye global growth amid rising challenges
Much of Airwallex’s momentum in Singapore has been driven by small and medium enterprises (SMEs) with regional and global ambitions. To better understand the evolving priorities and pressures shaping SME growth today, Airwallex surveyed 250 local business decision-makers across the country. The study revealed key trends around financial pressures, workforce challenges, global expansion plans, and the growing adoption of digital solutions.
- Financial Pressures & Business Resilience: Rising costs remain the most pressing issue, cited by 62% of respondents, followed by challenges managing cash flow both globally and locally (48%) – highlighting the growing demands of financial management for SMEs operating across borders. Inflation (43%) and regulatory complexity (40%) were also major concerns, reflecting the broader pressures businesses face in today’s environment.
- Talent Crunch: Talent constraints are another major pressure point. Nearly half (46%) of SMEs highlighted the lack of suitable manpower as a barrier to growth, with many pointing to skill mismatches and labour shortages as key hiring challenges.
- Resilience & Growth Mindset: SMEs are maintaining an expansion-first mindset, with Southeast Asia emerging as the top destination for overseas growth (40%), followed by East Asia (37%), and Central Asia (30%). A majority of businesses are also increasing spending (76%), with one in three (33%) significantly boosting investment, pointing to a clear focus on growing revenue, improving efficiency, and capturing market share.
- Fintech & Digital Adoption: As businesses scale, many are turning to digital and fintech solutions to manage rising complexity in financial operations – from improving cash flow visibility to navigating compliance requirements across borders. Nearly all SMEs surveyed (96%) have either adopted or plan to onboard digital or fintech platforms to support their business finance needs, citing convenience, faster transactions, cost savings, and stronger features as key drivers. Notably, 91% also said they trust fintech platforms to manage their financial operations. This marks a clear shift away from traditional financial systems that are struggling to keep pace with SME needs.
“SMEs are crucial to Singapore’s economy. They make up 99% of all businesses and contribute nearly half of the nation’s GDP1,” said Ershad Ahamed, Head of Southeast Asia, Airwallex. “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 Melbourne in 2015 and now headquartered in Singapore, Airwallex continues to experience strong global growth momentum. In early 2025, it announced its official launch in New Zealand and acquisition of CTIN Pay, an Intermediary Payment Service (IPS) licensed company in Vietnam. The company also surpassed US$600 million in annualised revenue and US$130 billion in annualised transaction volume, and was recently named to Fast Company’s list of the World’s Most Innovative Companies in 2025, recognised for redefining financial innovation on a global scale.
Notes to editor:
This survey from Airwallex was carried out by Censuswide during the first quarter of 2025 among 250 SME business decision makers in Singapore (companies with 50 – 500 employees).
About Airwallex
Airwallex is a leading global financial platform for modern businesses, offering trusted solutions to manage everything from payments, treasury, and spend management to embedded finance. With our proprietary infrastructure, Airwallex takes the friction out of global payments and financial operations, empowering businesses of all sizes to unlock new opportunities and grow beyond borders. Proudly founded in Melbourne, Airwallex supports over 150,000 businesses globally and is trusted by brands such as Brex, Rippling, Navan, Qantas, SHEIN and many more. For more information, visit https://www.airwallex.com.
1Singapore Enterprise Landscape (Department of Statistics Singapore)
Contacts
For media inquiries, please contact Airwallex at [email protected].
