Airwallex and the long game: Building Fintech infrastructure in the US

A true story of infrastructure, regulation and timing - and what still applies in 2026

The Setup: A Cross-Border Problem, a Fintech Infrastructure Play

Airwallex was founded in Melbourne in 2015 to solve a growing but messy operational problem. Fast-growing businesses were going global, but their financial infrastructure was not. Sending and receiving money across borders was slow, expensive and fragmented across banks, FX providers and payment processors.

Co-founder Jack Zhang saw the issue firsthand while running a small café importing goods from overseas. Cross-border payments were eating margins and creating operational drag. So he began building something different: a global financial infrastructure layer that could sit underneath modern businesses.

The early product gained traction across Asia Pacific, particularly among digital-first companies needing multi-currency accounts and cheaper foreign exchange. But the bigger opportunity was always the US - the world’s largest tech market and home to the platforms Airwallex ultimately wanted to serve.

It was also a period when global fintech infrastructure plays were heavily backed. Capital was available for companies building foundational systems rather than just front-end apps. Airwallex raised significant funding through these years, giving it the runway to think globally from early on.

By the time it turned serious attention to the US, it wasn’t testing a side bet. It was extending an existing global infrastructure strategy into the most complex financial market in the world.

The Expansion Strategy: Infrastructure First, Market Second

A US Entry Built on Regulation

Airwallex approached the US as a regulatory and infrastructure challenge first, not a marketing opportunity.

To operate in the US, it:

• Partnered with US banks such as Evolve Bank & Trust to provide core banking and card issuing capabilities

• Began the long process of securing money transmitter licenses across US states

This dual-track approach allowed it to launch services while building deeper regulatory independence over time.

That strategy was expensive and slow. But it meant Airwallex could present itself as serious financial infrastructure, not just a fintech interface. In 2026, where regulatory scrutiny has increased and financial partners face tighter oversight, this depth is even more valuable.

A Clear ICP From Day One

Airwallex had a laser-focus on a clear ICP: global-first companies - SaaS platforms, marketplaces and tech-enabled firms with real cross-border complexity.

Early US customers included:

• Brex, for cross-border vendor payments

• BILL, for international accounts payable

• Navan, for global travel and corporate card programs

These customers had volume, urgency and technical maturity. They did not need to be convinced the problem existed. They needed infrastructure that worked.

In today’s market, where software budgets are scrutinized and buying committees are larger, this kind of pain-aware ICP is more important than ever.

Building Local Presence Without Losing Control

Airwallex established US offices in San Francisco, New York and Austin, hiring local sales, compliance and operations leaders while keeping product and core engineering globally aligned.

The goal was to have local responsiveness with centralized platform control.

In 2026, hiring internationally has become more complex and expensive. Immigration friction, visa uncertainty and rising US salary expectations mean many companies cannot replicate this approach. But the principle remains: US customers expect local response times and cultural fluency.

Infrastructure Over Features

Airwallex did not compete on surface-level product features. Its edge came from controlling the rails: global accounts, FX, collections, payouts and cards delivered through APIs.

Instead of pitching “another fintech app,” it pitched operational enablement:

• Hold and manage funds in multiple currencies

• Move money globally at lower cost

• Issue cards tied to global balances

• Embed payments into platforms

In 2026, many companies are taking a closer look at their vendor stacks, and solutions tied to operational workflows tend to face less scrutiny than standalone feature tools.

The Roadblocks: Harder Than It Looked

Regulatory Weight

Operating in the US meant navigating state-by-state licensing, ongoing compliance and detailed reporting obligations. This required legal teams, compliance hires and operational overhead that many startups underestimate.

Today, regulatory expectations are rising, not falling. Founders entering regulated or adjacent spaces need to show early that they understand the rulebook. Buyers and investors both look for this.

Intense Competition

Airwallex entered a market already served by:

• Stripe in payments and FX

• Wise in multi-currency accounts

• Payoneer in payouts

• Mercury, Brex and Ramp in cards and banking

Differentiation came from depth and global reach, not brand volume. Airwallex positioned itself as the connective infrastructure between regions, not just another US fintech.

In 2026, crowded markets reward companies that own a layer or truly solve a problem.

Scaling Teams Across Markets

As US teams grew, the pressure shifted. Customers expected faster replies, smoother onboarding and fewer delays. That meant US-facing teams couldn’t operate separately from the global product team.

The solution wasn’t heroic effort. It was tighter coordination, clearer ownership and predictable ways of working across time zones so the customer experience didn’t break.

Funding Expectations Have Dramatically Shifted

Airwallex benefited from a period of strong fintech funding momentum and proof of success in other markets.

Now, international expansion stories no longer sell on ambition alone. They need evidence of execution.

That means a few paying customers in-market. A deal that went from intro to close. A customer who renewed. A support issue handled without drama. A partner integration that actually went live.

Small signals, stacked together, beat big plans.

What Founders Can Still Use in today’s market

Much of Airwallex’s success journey is not repeatable. But some is - especially if reframed for today’s market.

Solve a Structural Problem

Airwallex didn’t build a nicer interface for payments. It built infrastructure for cross-border money movement. That depth made it harder to build, but more defensible once it worked.

Founders entering the US today need to be clear whether they’re solving surface friction or structural pain. The deeper the problem, the more durable the wedge.

Pick the Right First Customer

Airwallex didn’t target all US businesses. It focused on global-first tech companies already dealing with multi-currency complexity.

That logic still holds. Choose customers who already feel the problem, not ones you need to convince it exists. Education slows sales. Urgency speeds them up.

Regulation Is Part of the Product

Compliance wasn’t an afterthought. Licensing, banking partners and regulatory coverage were built into the foundation.

In today’s market, regulatory clarity reduces buyer risk and investor hesitation. If regulation touches your space, it’s not a legal detail. It’s part of your value proposition.

Build Presence Without Overbuilding

Airwallex added US capability deliberately. Sales and compliance came in-market, while product stayed globally coordinated.

That balance still matters. You don’t need a full US org chart on day one. You need local presence and action without creating a disconnected second company.

Partnerships and Ecosystems Beat Cold Outreach

Airwallex integrated into platforms like Xero, Shopify and Stripe, embedding itself in workflows customers already used.

That kind of ecosystem positioning still outperforms broad outbound. When you sit inside existing systems, trust comes faster and sales cycles shorten.

Depth Over Noise

Airwallex didn’t try to win on brand volume. It focused on building the rails behind the scenes.

In crowded markets, being the layer that makes other tools work often beats being the loudest tool in the stack.

In Summary

Airwallex’s US expansion was not a growth-hack story. It was an infrastructure and regulation story, supported by strong market timing and product-market-fit.

They succeeded because they built something fundamental, chose their entry carefully and matched capital to execution.

The world has changed. Trade is noisier. Hiring is harder. Capital is more selective. Working in the US as an ANZ citizen is difficult.

But the principles still hold:

• Solve a real operational problem

• Laser focus on your ICP

• Build depth, not noise

• Prove you can operate, not just expand

In 2026, it’s not about entering the US fast. It’s about entering well.