Airwallex signs deal to power McLaren’s F1 financial operations and merchandise platform

The disrupter to the big banks is accelerating across the global stage, forging a partnership with McLaren. But it’s more than a sponsorship agreement, with the company playing a key role in the team’s operations.

Melbourne-headquartered fintech Airwallex has signed a deal with McLaren to support the British Formula 1 team’s financial operations, including multi-currency transactions and its merchandise platform.

Airwallex is the latest Australian company to sign a deal with an F1 team, with the partnership coming a month after Edward Craven’s cryptocurrency and gambling empire Stake bought the naming rights of Sauber’s team.

McLaren Racing chief executive Zak Brown said the Airwallex agreement would allow the team to hold onto core currencies and exchange them more quickly while slashing SWIFT fees.

Australian F1 star Oscar Piastri. Picture: David Caird

The partnership will also capitalise on the Melbourne roots of McLaren driver Oscar Piastri.

“In the competitive world of Formula 1, efficiency and performance are crucial both on and off the track. We are delighted to have Airwallex on board and use their innovative and trusted payment solutions to support our team’s financial operations,” Mr Brown said.

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 the team to offer a broad range of global and local payment options.

Airwallex co-founder and chief executive Jack Zhang said the McLaren partnership would accelerate the company’s global expansion. Last October, the company established a presence in Latin America after buying Mexico payments company MexPago for an undisclosed sum. It has made a raft of executive appointments in its San Francisco office to bolster its US operations.

“There are very few brands that match McLaren’s heritage and global appeal,” Mr Zhang said.

“Like McLaren, Airwallex is constantly innovating to move faster and with greater precision – with a product that unites people around the world. Our partnership will play a key role in supporting our global expansion, and we look forward to working with the McLaren team in 2024 and beyond to support our mutual growth.”

The fintech’s branding will feature on the halo of the McLaren MCL38 as part of the agreement, as well as the overalls of Piastri and fellow F1 driver Lando Norris. Airwallex will also provide the 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”.

It comes as Airwallex has been ramping up its recruitment, with one in four of its new recruits coming from outside the tech industry – as it sets ambitious targets to become a truly global fintech and prepares for a potential public listing.

Late last year Airwalled detailed plans to hire 500 staff after it increased its global workforce to 1400 people across 20 offices in the past 12 months. It has been snapping up talent from “other big businesses” and says 40 per cent of its new hiring this year come from outside the tech industry.

At the same time, it’s had some turnover in its senior ranks, with three key employees leaving the company over the Christmas/New Year period.

Airwallex global head of product Shannon Scott told The Australian last November, working at the company “isn’t for everyone”, following reports of an abrasive and aggressive culture.

“One consistent thread, even in the negative feedback that we’re hearing, is that our people are really strong,” Mr Scott said.

“We have really great people. This business isn’t for everybody because we are working at a really fast pace. But the right people really get a lot out of working here and really thrive on that.”

Part of that growth has been upping the ante in the battle with the big banks. It launched a new “Yield” product late last year, which allows businesses to earn interest on US dollar balances without needing to open an overseas bank account.

“Our product is genuinely unique relative to what the Australian banks are providing. Why aren’t they doing it themselves? I think it’s just apathy,” Airwallex Australia and New Zealand managing director Luke Latham said at the time.