Airwallex, a leading global payments and financial platform for modern businesses, today announced a multi-year partnership with the McLaren Formula 1 team, one of the sport’s most iconic brands.
As an Official Partner, Airwallex will support McLaren’s global financial operations through its treasury management and cross-border pay-outs and settlement product suite. This partnership between Airwallex and McLaren will help ignite the fintech giant’s growth trajectory as it continues to scale globally.
Specifically, McLaren will use Airwallex to optimise its supply chain payments for all Grands Prix. McLaren’s existing payments infrastructure limits payment to suppliers, such as hotel and event space providers, to a singular currency account based in the UK, resulting in high foreign exchange (FX) charges, slow transfer time and additional SWIFT fees.
Airwallex’s financial technology will unlock multi-currency payment options for McLaren, providing the company the ability to hold core currencies and exchange them with speed and ease at any point while reducing the amount of SWIFT fees that may be payable by leveraging Airwallex’s extensive global proprietary payment rail network.
As part of this partnership, Airwallex will also provide technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform – further enhancing their multi-currency collection capabilities and allowing them to offer a broad range of global and local payment options.