Ex-Milkrun COO the new local boss for billion-dollar start-up Airwallex

After a global search, fintech Airwallex has appointed a new managing director and revealed plans to hire 1400 staff as it thrives despite the ongoing tech wreck.

Australian billion-dollar fintech outfit Airwallex has appointed a new managing director for Australia and New Zealand, former Milkrun chief operating officer Luke Latham, as the company continues to ramp up hiring despite the ongoing tech wreck.

Mr Latham was chosen for the role after what CEO Jack Zhang described as a global search to lead local operations for the company that was most recently valued at $US5.5bn ($8.3bn).

“We did an extensive global search to find the right person to lead our business locally because Australia is where we started and it is a special place for Airwallex,” Mr Zhang said.

“Luke is the right person to help Airwallex expand and build on the more than 15,000 Australian and New Zealand business customers we work with. Luke will be a key part of our success as we grow our network that now spans across North America, Asia-Pacific, Europe and the Middle-East.”

Airwallex, which started in Melbourne in 2015, in January detailed plans to hire up to 500 new workers this year and employs around 1400 staff globally.

At the World Economic Forum at Davos, Mr Zhang said he wanted to hire engineering and product specialists who have been laid off, including in Australia.

Airwallex’s co-founders.

Now one of Australia’s highest valued private technology companies, Airwallex was co-founded by Mr Zhang and three university friends in 2015. It was the fastest Australian start-up to ever reach a $1bn valuation. The fintech’s platform allows businesses to operate internationally by enabling quick cross-border transactions.

“There’s a tsunami of talent out there that other companies have turned their back on. We’re growing and want to snap them up because good people are what helps bring our vision to life,” he said.

“I don’t think you can quantify the missed opportunity from cutting back on the talent and skills that could shore up your future.

“We’ve got big ambitions for 2023 while other players are cutting back on functions like engineering and product design. Australia is where we started and it’s where we have some of our largest engineering and product teams so we want to keep building on the great pool of talent that are helping make us the go-to financial suite for modern businesses.”

Mr Latham, who also served in executive roles at Amazon and Groupon, said Australia’s financial system was “ripe for disruption”.

“Uncertain economic environments are catalysts for disruption and I think Airwallex is in the right place with the right technology and right infrastructure to be at the forefront of that change,” he said.

“There’s huge opportunity to remove the pain points and high costs you get from traditional banking and financial services.

“Airwallex has seen phenomenal growth because businesses see the appeal of an alternative to the traditional banks across their needs in payments, treasury, expense management and embedded finance.

“I’m excited to lead a team in Australia and New Zealand made up of some of the smartest and most ambitious disrupters in the region.”