How ELEVENPARIS reduced costs and inefficiencies with Airwallex

Introducing ELEVENPARIS

ELEVENPARIS is a globally recognised fashion brand known for edgy and contemporary designs. 

Their story began in 2003 with a commitment to delivering high-quality apparel that resonates with modern consumers. What sets ELEVENPARIS apart in this highly competitive space is its ability to bring its style to a global audience. 

Today, ELEVENPARIS has a strong presence internationally, operating across multiple countries, selling to customers, and working with suppliers worldwide. The progressive clothing brand has recently expanded to the Middle East, bringing its high-impact apparel to a new market.

The Challenge

Before switching to Airwallex, ELEVENPARIS used traditional banking partners to pay global suppliers and manage foreign exchange (FX) transactions. However, this strategy presented significant challenges, including:

• High currency conversion fees 

• Costly and slow international transfers

• Lack of transparency when transacting across borders

• Complexity of opening and managing accounts in different markets 

ELEVENPARIS’ expansion into Middle Eastern markets, combined with the challenges faced while using traditional banks, prompted a renewed focus on financial tooling and solutions. 

Ilan AMAR

CEO of ELEVENPARIS

“Before switching to Airwallex, we relied on traditional banking services and another provider for international transactions. It was cumbersome, expensive and lacked transparency.”

The Solution

Streamlining international financial operations 

ELEVENPARIS now uses Airwallex Global Accounts to manage multiple currencies, including AED, USD, and EUR. The team can now open a local account in minutes and convert a wide range of currencies to support the global customer and supplier base. 

By using Global Accounts to manage cross-border payments, ELEVENPARIS no longer needs to open accounts with banks in individual countries to launch. That means no more complex and time-consuming dealings with overseas banks and their overly complicated, and often delayed, onboarding processes.

Transparent, low-cost FX and transfers

Tapping into Airwallex’s infrastructure has enabled ELEVENPARIS to make fast and cost-effective international transfers at a significantly lower cost than through its previous banking provider. 

This means the Finance team can make quick and easy transfers to overseas suppliers in multiple currencies, including USD, helping to build better supply chain relationships.

Ilan and his team can also easily convert currencies with Airwallex and access competitive foreign exchange rates. “We get full transparency when we use Airwallex for FX, which is something we lacked with our previous provider,” explains Ilan.

Optimising travel expenses with Airwallex Spend

As part of launching into new markets and regular overseas team travel, keeping tabs on global company spend was vital for ELEVENPARIS. Before Airwallex, reimbursement processes were slow and time-consuming, adding greater workload to the finance team. 

Airwallex Corporate Cards presented a great fit for ELEVENPARIS. These multi-currency Visa debit cards streamline company spending and eliminate the need for employees to incur out-of-pocket expenses.

“Airwallex Corporate Cards empower our employees to spend while abroad,” adds Ilan. On the flip side, spend limits and real-time tracking mean that ELEVENPARIS’ finance team retains complete control. 

Moving away from traditional banking partners has transformed finances at ELEVENPARIS for Ilan and his team; “Airwallex has been a game-changer for our global spend management, and we’ve seen significant and tangible benefits as a result.” 

The Result

• 30% reduction in international transaction costs, thanks to market-leading FX rates and international payment infrastructure by partnering with Airwallex.

• Significant time savings through more streamlined processes, boosting the efficiency of the Finance team. Importantly, this has enabled ELEVENPARIS to redeploy the valuable time previously spent by the Finance team on manual tasks, allowing them to focus on international growth.

• 1 day per month saved now that ELEVENPARIS no longer has to switch between multiple financial providers to conduct its day-to-day financial operations.

“Airwallex has been an amazing partner to help drive our expansion journey, particularly as we establish our presence globally,” says Ilan.

Ilan AMAR

CEO of ELEVENPARIS

“Our ability to manage global finances effortlessly through Airwallex has empowered us to focus on innovation and growth, knowing our international transactions are in safe hands.”