Global financial platform Airwallex has announced its strategic entry into the South Korean market through the acquisition of Paynuri Co. Ltd. This move grants Airwallex key financial licenses, enabling it to offer its comprehensive suite of cross-border payment and financial management solutions. The acquisition is set to empower Korean businesses to expand their international operations while also simplifying market entry for global companies.
Strategic Market Entry and Licensing
The acquisition of Paynuri provides Airwallex with a Payment Gateway license, a Prepaid Electronic Payment Instrument license, and a Foreign Exchange Business registration. These regulatory approvals are fundamental for the company to operate its financial platform within South Korea’s established legal framework. This licensed infrastructure will allow Airwallex to securely facilitate multi-currency transactions and financial services for its clients in the market.
Empowering Korean Businesses for Global Growth
Airwallex plans a phased product launch, beginning with its Global Business Accounts and payment acquiring services for Korean companies. These initial offerings will allow businesses to manage international banking, foreign exchange conversions, and global transfers from a single account. Subsequent product releases, including a wider range of financial tools, are scheduled to follow in 2026 to further enhance the platform.
The platform will eventually provide a holistic solution for managing all types of company spending across global operations. This includes multi-currency corporate cards, AI-powered expense management, and streamlined bill payment systems for international suppliers. By consolidating these functions, Airwallex aims to offer Korean businesses a more efficient and unified way to handle their cross-border financial activities.
Capitalizing on the 'K-Wave' and Economic Potential
This expansion is strategically timed to tap into South Korea’s rapidly growing ecommerce, creative, and entertainment sectors, collectively known as the 'K-wave'. Arnold Chan, General Manager for APAC at Airwallex, highlighted the immense global opportunities for these industries. The company's goal is to provide the necessary financial infrastructure to support Korean businesses as they navigate their international growth trajectories.
With the global market for Korean entertainment and consumer goods projected to reach $198 billion by 2030, the need for robust financial tools is clear. The move has been welcomed by local organizations like Invest Seoul, whose CEO, Lee Jihyung, noted the investment will strengthen the local financial environment. This collaboration aims to accelerate the digital transformation journey for businesses operating in and out of Seoul.
Financial Strength and Regional Expansion
The acquisition follows Airwallex's recent Series G fundraising round, which increased the company's valuation to $8 billion. This substantial capital injection is fueling the company's strategy to build secure and licensed financial infrastructure in key global markets. The investment in South Korea demonstrates a long-term commitment to establishing a significant presence in the Asia-Pacific region's vibrant economies.
Airwallex's expansion is backed by impressive growth, including an 85% year-on-year revenue increase in the APAC region and $1.2 billion in annualized global revenue. The entry into Korea complements its existing operations in major Asian markets like Japan, Hong Kong, and Singapore. To support its launch, the company plans to build a local team, aiming to hire up to 20 professionals this year.
Airwallex's acquisition of Paynuri marks a significant milestone in its global expansion strategy and a pivotal development for South Korea's fintech ecosystem. By providing local businesses with sophisticated tools for international commerce, the company is poised to facilitate significant cross-border growth. This strategic entry not only strengthens Airwallex's foothold in Asia but also promises to enhance the financial operating environment for businesses in this dynamic market.