SOULMATTE scales faster with expedited account opening process

How Airwallex’s responsive global business account services help the fast-growing fashion accessories eCommerce business.

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soulmatte logo

90%

saved in foreign transaction fees

25%

time saved on business operations in the first years

<48 hours

needed to successfully open an Airwallex global account

SOULMATTE is a vegan leather handbag brand that offers sustainable, high-quality products.

Company size

10 - 50 employees

Location

Hong Kong

Industry

Retail

Airwallex Products Used

Global Accounts
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SOULMATTE is a Hong Kong vegan leather handbag brand. The forward-thinking label embraces eco-friendly, sustainable materials, such as cactus leather, in their products to replace animal and PVC leather.

As a rapidly growing eCommerce business, SOULMATTE needs to remain quick and agile across all their operations. From opening a company account; to expense management; and payment collection and reconciliation, the brand prioritises efficient solutions that helps them save time and streamline their workflow, especially given their limited resources.

Ellis

Founder of SOULMATTE

“We hope to expand overseas and sometimes we receive payments from abroad. Therefore, Airwallex’s global business account and its fast payment service provide great convenience for us.”

Challenge 1: SOULMATTE needs to open a company account quickly

Most traditional banks take 2-3 months for business account opening. As an eCommerce business, time is of the essence. When Ellis first started SOULMATTE, she needed to set up a company account right away so she could start making business transactions and get their operations up and running. With no time to spare, Ellis looked for alternatives to traditional banking and came across Airwallex.

Solutions & Results: Airwallex helps open a global account in less than 48 hours

Providing a near-instant global account opening service, Airwallex verified SOULMATTE’s account in less than 48 hours. This helped the company save 25% of time needed for admin work and improved their overall efficiency in their first year of operations.

SOULMATTE is able to swiftly leverage their global business account to optimise their operations. They can also access Airwallex’s market-leading FX rate to save costs when paying overseas designers and factories.

Sylvester

Operations Director of SOULMATTE

“From contacting Airwallex to successfully opening our account, the whole process took around 48 hours.”

Challenge 2: SOULMATTE wants to collect and reconcile customer payments more efficiently

Traditionally, eCommerce businesses like SOULMATTE would need to first open a business account then set up a payment plug-in, such as WooCommerce, on their online shop to be able to accept customer payments. This is a rather tedious process as the company needs to connect their WooCommerce site with a separate bank account, and also adds more work for the reconciliation process.

Solutions & Results: Airwallex offers a one-stop digital platform to keep track of company finances

Airwallex offers a convenient WooCommerce integration, which enables customer payments to go straight from SOULMATTE’s eCommerce site to their global business account, via the Online Payments function. This simplifies the company’s digital payment collection and reconciliation process and helps them keep track of their finances in a glance.

Challenge 3: Traditional banks charge expensive currency exchange rates and transaction fees for global transactions

SOULMATTE sources their raw materials from overseas and works closely with different factories based around the world. This means they have to make regular foreign transactions to pay their international suppliers.

Solutions & Results: Saving 90% transaction fees and up to 3% in currency exchange with Airwallex

Airwallex offers competitive exchange rates that are similar to the market rate, providing a more cost-effective payment solution. Compared to traditional banks, Airwallex is able to help SOULMATTE save 90% transaction fees and up to 3% in currency exchange.

Challenge 4: Time-consuming expense management process

SOULMATTE has various ongoing SaaS subscriptions and ads spend. Without a company card, it is extremely difficult for them to manage these company expenses efficiently.

Solutions & Results: Easily settle foreign digital subscriptions, with $0 handling fees from Airwallex Borderless Cards

SOULMATTE is able to create free company cards instantly with Airwallex. Using Airwallex Borderless Cards, they can easily settle their digital subscriptions, which are often foreign transactions, with $0 handling fees.

Moreover, by using the Airwallex Borderless Card, SOULMATTE no longer has to manually do their account reconciliation at the end of each month. Instead, they can set monthly budgets and track spend in real time.

Open a global multi-currency account for free in Hong Kong

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