Airwallex has announced a 153% year-on-year revenue increase in Singapore for the 2024 financial year, marking a significant milestone for the global payments and financial platform. This growth was largely driven by strong transaction volumes and an exceptionally strong fourth quarter.
The company’s President and Co-founder, Lucy Liu, commented on the results, saying, “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.”
In the fourth quarter of 2024 alone, Airwallex reported a 215% rise in revenue and a 192% increase in transaction volume compared to the previous year. Across the full year, Singapore’s transaction volume rose by 159%. The company has also expanded its client portfolio in the country, working with brands such as Endowus, Love, Bonito, and Mighty Jaxx, while continuing to support businesses like EU Holidays, Far East Flora, and Huber’s Butchery with their digital growth.
Airwallex has grown its Singapore headcount by 58% throughout the year. By early 2025, the company employed over 250 staff in its Singapore office, which serves as its global headquarters. The hiring spanned across Corporate, Commercial, and Product, Engineering, and Design (PED) functions, with PED experiencing a 98% increase as the company strengthened its AI, data, and engineering capabilities. To accommodate this growth, Airwallex expanded its premises within Guoco Tower by securing additional office space.
New research highlights SME challenges and expansion plans
Airwallex’s success in Singapore is closely linked to the ambitions of small and medium enterprises (SMEs) seeking regional and global growth. To better understand the needs of these businesses, Airwallex conducted a survey of 250 business decision-makers across Singapore.
The study found that rising costs were the top concern for 62% of SMEs, followed by cash flow management issues at 48%. Inflation and regulatory complexities were also significant worries, cited by 43% and 40% of respondents respectively. This reflects the broader financial and operational pressures facing SMEs operating across borders.
Talent shortages emerged as another major challenge, with 46% of businesses struggling to find suitable manpower. Many respondents pointed to skill mismatches and overall labour shortages as obstacles to growth.
Despite these hurdles, SMEs are maintaining an optimistic approach towards expansion. Southeast Asia was identified as the most popular destination for overseas growth at 40%, followed by East Asia at 37% and Central Asia at 30%. Reflecting this mindset, 76% of SMEs reported plans to increase their spending in 2025, with 33% significantly boosting their investments to drive revenue growth, improve efficiency, and capture greater market share.
Digital adoption and fintech confidence on the rise
The research also revealed a strong shift towards digital and fintech solutions among Singapore SMEs. A significant 96% of businesses surveyed have either adopted or plan to adopt digital or fintech platforms to better manage financial operations. The motivations for this shift include faster transactions, cost savings, convenience, and enhanced functionality. Importantly, 91% of respondents expressed trust in fintech platforms, signalling a move away from traditional financial systems that many businesses now find outdated.
“SMEs are crucial to Singapore’s economy. They make up 99% of all businesses and contribute nearly half of the nation’s GDP,” said Ershad Ahamed, Head of Southeast Asia at 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, Airwallex has since moved its global headquarters to Singapore and continues to see strong global momentum. In early 2025, the company announced its launch in New Zealand and the acquisition of CTIN Pay, an Intermediary Payment Service licensed company in Vietnam. It also surpassed US$600 million in annualised revenue and US$130 billion in annualised transaction volume. Recently, Airwallex was named among Fast Company’s World’s Most Innovative Companies for 2025, recognised for its role in redefining global financial innovation.
