How can Airwallex supercharge growth for startups?

Isabelle Comber5 mins
How can Airwallex supercharge growth for startups?
In this article

For startups, the path to growth is loaded with challenges. From managing cash flow to getting funding, emerging businesses face all kinds of obstacles that can stifle their potential. 

In a highly competitive market, finding effective solutions is crucial. Let’s explore how Airwallex can provide the tools and resources to overcome some of the most common hurdles and steer your startup towards long-term success.

Accessing a global market

Building a strong foundation at home is a great way to test your product and generate interest and demand. As beneficial as this is, you may eventually find that limiting yourself to local markets inhibits your potential and slows your growth.

For some startups, the real opportunity for their product lies in tackling international markets right from the start. Take, for example, Nobody’s Princess, an inclusive skiwear brand eager to capitalise on the demand for its products overseas. With the help of a business acceleration grant and a suite of financial solutions from Airwallex, expanding into larger and more lucrative US and Canadian markets is becoming a reality. 

Regardless of your path, accessing global markets can be a game-changer for startups eager to scale quickly. But it comes with a distinct set of challenges. Exploring international opportunities means understanding diverse supplier and customer bases, navigating cross-border transactions, and complying with different financial regulations. Initially, this might seem daunting for founders with limited resources and time. But it doesn’t have to be.

Help is at hand with innovative financial solutions that can help simplify the complexities and provide features like cost-effective currency conversions and smooth international payments. They allow startups to break down geographical barriers, expand their reach, attract a broader audience and unlock unprecedented growth potential.

Airwallex’s international network lets you easily set up global accounts with no more effort than it takes to do your local banking, and make multi-currency payments without the hefty fees of regular cross-border transactions.

Securing startup funding from international investors

For a rapidly growing business, having efficient systems to raise capital is crucial. Without them, you risk slowing down just as the pace picks up.

LeonardoAI, an Australian startup that empowers users to realise creative visions by instantly generating high-quality images and videos, faced this challenge during its critical early fundraising stages.

A global player from the outset, LeonardoAI needed to manage rapid expansion and found itself bogged down by traditional banking restrictions. This diversion from growth and innovation was proving costly, in terms of both money and time.

When a foreign bank repeatedly blocked a crucial seed round transfer from an overseas investor, LeonardoAI knew it needed a better solution. Switching to Airwallex made all the difference. The same transfer was completed quickly and without hassles, and further transfers followed suit smoothly.

As well as streamlining pathways to crucial funding sources, Airwallex offered LeonardoAI an additional growth avenue with its new Yield solution, allowing the business to enhance its multi-currency account balances through liquid investments, and eliminating the traditional lock-up periods of bank term deposits. 

With Yield, LeonardoAI could access funds whenever needed – crucial for a rapidly scaling startup.

Empowering startup teams with flexible spending

Startup founders work in fast-paced environments where agility is crucial. They need flexible payment and expense management solutions to stay efficient and responsive. 

Manual expense handling processes that eat up your team's time are particularly bad for startup teams, distracting them from core duties and growth goals. Tools that handle multiple currencies, manage recurring expenses, and track spending in real-time can make a huge difference. 

These solutions help startups smoothly scale operations and keep financial control without the administrative hassle of managing a single expense card or wrangling a hundred and one petty cash payments just to get through the month. 

Airwallex allows you to manage everything in one place through your global account. It simplifies domestic and international business expenses with built-in expense management for Borderless cards and out-of-pocket expenses. 

Your team will benefit from cards that let them make purchases in multiple currencies with balances held in your account, with the ability for founders to set controls and approvals. Creating them is free, and they can be used instantly for purchases anywhere that Visa is accepted.

Maximising your cashflow and capital

No matter what your immediate goals are, making your money work for you can be daunting as your venture takes off. That’s why Airwallex is constantly innovating to make cross-border business easier and more profitable for SMEs and startups.

While bank accounts can offer competitive returns, running a startup means that you often need rapid access to funds. Tying up your cash for extended periods in a term deposit can be a deal-breaker. On the other hand, settling for a standard account with lower rates isn’t exactly ideal for dynamic growth.

Airwallex Yield allows you to avoid the compromise by earning competitive rates on your working account. As a bonus, you can boost both your AUD and USD balances, all within the Airwallex ecosystem. This first-of-a-kind solution in Australia offers startups unprecedented financial flexibility and growth potential – without any lock-up requirement. You have the best of both worlds – your money generates returns and you have access within 1-2 business days should you need it.

You can also rest easy knowing that your investment is secure. Airwallex invests in JP Morgan Liquidity Funds, which are AAA-rated money market funds known for their consistently solid performance. 

Scaling more rapidly

As a startup founder with limited finances and not enough hands on deck, you may wonder how to get the best ROI from your efforts so that you can continue to grow the business sustainably for the long term.

Applying a prioritisation framework is a great way to calm the chaos and add structure to your decision making. It gives you a systematic approach to decide which projects will most effectively solve your ideal customer’s pain points and advance your business goals.

You can also assess whether your team can handle key product developments internally, or whether you'd be better off investing in third-party technology that frees you up to focus on essential tasks.

Airwallex provides embedded financial solutions that do just that. For tech companies wanting to market new products quickly, we can do the heavy lifting for you so that you can focus on growing and scaling your business.

This includes solutions like market-leading FX capabilities, a comprehensive global payments network, multi-currency accounts, card issuing and an online payment gateway. Powered by our proprietary APIs, these features have allowed leading brands like Plum to innovate rapidly with minimal effort.

Tapping into a supportive community 

Ultimately, no startup is an island, and founders need focused, friendly support to succeed.

The Airwallex for Startups program is a community and resource hub designed with your startup's unique challenges in mind, and designed to turbocharge your entrepreneurial journey with amazing offers and incentives. 

Mingle with fellow founders and key players in the startup world at exclusive Airwallex events, and open the door to invaluable connections and collaborations. You'll gain access to fantastic deals from our partner network, giving you the tools and services you need at a fraction of the cost.

Stay ahead of the game with insights and research, tailored to keep you on the leading edge of industry trends. You can also apply for our Business Acceleration Grants for an extra financial boost.

Ready to supercharge your startup growth? Sign up now.

Disclaimer: This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here. If you are a customer of Airwallex Capital Pty Ltd (AFSL No. 549026), it is important for you to read the Product Disclosure Statement (PDS) for Airwallex Yield, which is issued by K2 Asset Management Ltd (ABN 95 085 445 094, AFSL No. 244 393) and will be made available to you at the time of onboarding. All investments carry risk. *Target daily returns are net of  fees as at 24 January, 2024 (AEDT) and indicate past performance of the relevant underlying JPMorgan Liquidity Funds.

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Isabelle Comber
Business Finance Writer

Izzy is a business finance writer for Airwallex. She specialises in thought leadership that empowers businesses to grow without boundaries.

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