The business services provider Vistra has partnered with the financial platform Airwallex to enhance the Vistra platform.
Through this collaboration, Vistra will incorporate Airwallex’s business account and embedded finance solutions, offering users greater convenience and efficiency for their international operations, according to a news release issued on Monday (Feb. 24).
“This integration allows Vistra’s clients to execute the two key tasks of international operations through its platform: establishing an entity and facilitating transactions by opening a global business account,” the release stated. “Moreover,
Vistra’s clients will gain access to competitive foreign exchange services provided by Airwallex’s continuous pricing, as per the release.
“Embedded finance aligns with our goal of equipping clients with the tools needed to operate and expand their global businesses effortlessly,” said Vistra President of Global Solutions Jonathon Clifton in the release. “Clients can now quickly transfer funds between their entities, pay employees or suppliers, benefiting from the best FX rates any day of the week, all while managing other entity-related tasks within a single unified platform on Vistra.”
In October, Airwallex was reportedly in discussions to secure $200 million at a valuation of $6 billion.
“As a rapidly growing company, we maintain ongoing dialogues with investors regarding our performance and growth strategies,” Airwallex said in a statement at that time.
Airwallex was valued at $5.5 billion in October 2022 after raising $100 million.
In August, Airwallex announced that its annual processing volume surpassed $100 billion, reflecting a 73% increase year over year. The company also saw growing volumes in all its product offerings, including payments, FX, payouts, and issuing, reporting an annual revenue run rate of approximately $500 million.
Founded in Australia in 2015, the company provides services such as bill payments for firms employing global workers, expense management, multicurrency debit cards, and assistance for small businesses in creating local currency accounts worldwide.
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