McLaren Racing partners with Airwallex

Monday 5 February 2024 11:50 CET | News

Global payments and financial platform for businesses Airwallex has announced a multi-year partnership with the sports brand McLaren Formula 1.


As an official partner, Airwallex will support McLaren’s global financial operations through its treasury management and cross-border pay-outs, introducing a digital merchandise platform and settlement product suite. Moreover, this collaboration will help the fintech growth trajectory as it continues to scale globally.

Following the official announcement, McLaren Racing stated that the world of Formula 1 is very competitive and that efficiency and performance are crucial both on and off the track. Therefore, the partnership with Airwallex will support the team’s financial operations through its trusted payment solutions. 

Airwallex has announced a multi-year partnership with the sports brand McLaren Formula 1.


Multi-currency payment options for McLaren

According to the official press release, Airwallex will leverage its financial platform to help McLaren optimise its supply chain payments for all Grands Prix. Currently, McLaren’s existing payments infrastructure limits hotels and event space providers' payments to a singular currency account, based in the UK. This results in high foreign exchange (FX) charges, slow transfer time and additional SWIFT fees. Therefore, Airwallex’s financial technology is set to unlock multi-currency payment options for McLaren. Leveraging Airwallex's extensive global proprietary payment rail network will allow the sports brand to hold core currencies and exchange them easier and faster, at any point while reducing the amount of SWIFT fees that may be payable. 

Moreover, as part of this partnership, Airwallex will also provide technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform. This is designed to further improve their multi-currency collection capabilities and to offer a broad range of global and local payment options.

Commenting on the announcement, Airwallex said that the company is thrilled about this partnership as it aligns with its goal of constantly developing products that unite people around the world due to their precision. 
The collaboration will also help the payment providers with their global expansion efforts. As part of the agreement, Airwallex will become a partner of the McLaren Formula 1 team. 

Airwallex previous developments

As a global financial platform for modern businesses, Airwallex provides solutions that help merchants manage their payments, treasury, spending management, and Embedded Finance. Its proprietary infrastructure aims to improve global payments and financial operations, helping businesses to benefit from additional opportunities and expand internationally. 

In addition to its collaboration with McLaren, Airwallex announced several developments and partnerships in recent months, intending to further advance its development strategy. In December 2023, the company partnered with WooCommerce (Woo) to become a payment extension on the latter’s platform. Through this integration, Airwallex allows Woo merchants to accept cross-border payments instantly by using global cards, Apple Pay, Google Pay, and other 60 local payment methods at checkout.

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Keywords: partnership, online platform, cross-border payments, financial services, payments
Categories: Payments & Commerce
Companies: Airwallex, McLaren
Countries: World
This article is part of category

Payments & Commerce




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