Airwallex will become a partner of McLaren’s Formula 1 Team and a permanent fixture in McLaren’s livery, driver overalls, and other branded material through the 2024 season and beyond.
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Today, Airwallex, a leading global payments and financial platform for modern businesses, announced a multi-year partnership with the McLaren Formula 1 team, one of the sport’s most iconic brands. As an Official Partner, Airwallex will support McLaren’s global financial operations through its treasury management, cross-border pay-outs, and settlement product suite. This partnership will help ignite the fintech giant’s growth trajectory as it scales globally.
Specifically, McLaren will use Airwallex to optimise its supply chain payments for all Grands Prix. McLaren’s existing payments infrastructure limits payments to suppliers, such as hotel and event space providers, to a singular currency account based in the UK, resulting in high foreign exchange (FX) charges, slow transfer time, and additional SWIFT fees.
Airwallex’s financial technology will unlock multi-currency payment options for McLaren, providing the company the ability to hold core currencies and exchange them with speed and ease at any point while reducing the amount of SWIFT fees that may be payable by leveraging Airwallex’s extensive global proprietary payment rail network.
As part of this partnership, 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 them to offer a broad range of global and local payment options.
Zak Brown, CEO of McLaren Racing, said:
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.”
Jack Zhang, CEO and Co-Founder of Airwallex, added:
There are very few brands that match McLaren’s heritage and global appeal. Like McLaren, Airwallex constantly innovates to move faster and more precisely – with a product that unites people worldwide. 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…
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