Airwallex’s high-speed payments platform will improve McLaren’s current payments infrastructure
Airwallex, a payments and financial services platform, has partnered with the McLaren Formula 1 team to support its financial operations. The fintech is hoping that the partnership will ‘ignite’ its growth trajectory as it continues to scale globally.
Airwallex’s logo will be displayed on the halo of the McLaren car, the driver’s and pit crew’s overalls, and other branded material. With races held in 24 cities, F1 has a global viewership of 1.5bn annually.
Founded in Melbourne in 2015, Airwallex supports more than 100,000 businesses globally, including Brex, Rippling, Qantas and SHIEN.
McLaren will use Airwallex to “optimise” its supply chain payments for all Grands Prix. McLaren’s existing infrastructure limits payments to suppliers to a singular currency account based in the UK, resulting in high foreign exchange charges, slow transfer time and additional SWIFT fees.
Airwallex’s technology includes multi-currency payment options which will improve the speed and ease of payments and reduce SWIFT fees. The fintech will also provide technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform.
Zak Brown, chief executive officer of McLaren Racing, said: “In the competitive world of Formula 1, efficiency and performance are crucial both on and off the track. We are delighted to have Airwallex on board and use their innovative and trusted payment solutions to support our team’s financial operations.”
Founded in 1963, McLaren is one of the most successful F1 teams with eight constructors’ and 12 driver’s championships.
Jack Zhang, chief executive officer and co-founder of Airwallex, said: “There are very few brands that match McLaren’s heritage and global appeal. Like McLaren, Airwallex is constantly innovating to move faster and with greater precision—with a product that unites people around the world.
“Our partnership will play a key role in supporting our global expansion. We look forward to working with the McLaren team in 2024 and beyond to support our mutual growth.”