Growth management

How a unicorn like Airwallex stands up to a challenge (like a pandemic)

The Tencent-backed global payments and foreign exchange unicorn debuted its borderless card last month in Australia, but headwinds, such as the COVID-19 pandemic, is taking its toll on its existing client base.

Airwallex debuted its borderless card in partnership with Visa in Australia last month, targeting businesses needing a convenient way to pay suppliers abroad. Despite the ongoing COVID-19 pandemic, the payments startup, which achieved unicorn status last year, expects the UK card launch to go as planned later this year.

Specialising in business to business B2B cross-border payments and low-cost foreign exchange, the company is filling a gap overlooked by larger financial institutions. And while the pandemic’s effect on Airwallex’s business has been minimal, it is now looking to support clients who are more severely impacted.

“Anyone in a business that's experiencing difficulties can reach out to...

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