Airwallex has announced its acquisition of OpenPay, aiming to integrate advanced billing and analytics features into its existing financial platform. This move positions Airwallex to strengthen its offering in subscription management and global billing solutions. The incorporation of OpenPay’s technology is designed to equip businesses with enhanced tools to manage and optimize their billing operations in a multi-currency environment. By acquiring OpenPay, Airwallex seeks to appeal to global businesses looking to streamline operations across borders and leverage data-driven insights for revenue growth.
Previously, Airwallex was primarily known for its prowess in handling multi-currency transactions. With competitors like Stripe Billing and Recurly also expanding their billing capabilities, Airwallex’s acquisition of OpenPay represents a strategic shift towards enhancing its overall service portfolio. This approach enables Airwallex not just to compete, but potentially to set a new industry standard in global financial services.
What Sparked the Acquisition?
The need for modern billing systems that cater to a global audience has been a significant driving force behind this acquisition. Most existing systems, according to Airwallex, have struggled to accommodate the complexities of a multi-currency world. Addressing this gap, Airwallex CEO Jack Zhang stated,
“By bringing OpenPay’s subscription management, orchestration and analytics capabilities into Airwallex, we’re creating the first truly global billing platform.”
This integration, therefore, is not merely an expansion of functionality—it’s about creating a comprehensive solution for international billing challenges.
How Will OpenPay Enhance Airwallex’s Offerings?
OpenPay’s subscription management system includes smart payment routing and AI-driven retention tools which are set to be integrated into Airwallex’s services. Lance Co Ting Keh, CEO of OpenPay, expressed excitement about joining forces with Airwallex, noting how the collaboration supports OpenPay’s vision:
“We are very proud of what we’ve built and excited for our next chapter as we partner with Airwallex to set a new standard, creating a paradigm shift in global payments.”
The combination of these capabilities allows Airwallex to offer businesses not only billing services but also valuable analytics to optimize revenue streams.
With growing interest in hybrid and usage-based billing models, Airwallex foresees significant benefits from integrating OpenPay. These models, often preferred by AI companies and businesses focusing on consumption-led monetization, require flexible solutions. The expanded offerings will facilitate seamless billing across currencies, providing tools that better align with the operational strategies of these companies.
Findings from the PYMNTS Intelligence report indicate that consumers increasingly demand faster payment processing, pushing companies towards adopting real-time methods. Airwallex aims to address these expectations by equipping businesses with capable platforms to offer timely digital payment options alongside advanced invoice automation.
The merger not only solidifies Airwallex’s competitive stance against rivals but also potentially broadens its client base. As businesses look for ways to enhance revenue processing and management, Airwallex’s integrated solutions could serve as attractive alternatives, particularly with real-time billing and payment posed as central advantages. Whether this acquisition reshapes the global billing landscape remains to be observed, but it certainly enunciates Airwallex’s ambition to drive innovation in cross-border financial solutions.
Airwallex and OpenPay join forces to develop a comprehensive suite of billing solutions. Competitors like Stripe Billing and Recurly have also explored enhancements in this space. This deal could position Airwallex as a leader in subscription and global billing services.
