Airwallex, the fintech payments disruptor, is taking on Wall Street and the City of London with plans
to acquire banking licenses in the US and UK.
Airwallex’s Banking License Move
What do you do after conquering Asia-Pacific and building a $5.6
billion valuation? If you’re Airwallex, you go shopping for banking licenses in
two of the most heavily regulated markets in the world: the United States and
the United Kingdom.
🗽 Big moves in the Big Apple – Airwallex New York has a new home in Union Square!With our NYC team tripling over the past year, we’ve officially opened the doors to a new office space designed to grow with us.💥 From stronger collaboration to bigger ambitions, this next… pic.twitter.com/HUpzxdnIHk
— Airwallex (@airwallex) April 3, 2025
That’s right. The fast-rising fintech, known for offering cross-border
payments, global accounts, and snappy fintech infrastructure, now reportedly
wants to become a full-fledged bank—or something very close to it. Airwallex
is reportedly preparing to file for banking licenses in both countries as it
looks to scale its services, deepen its product suite, and challenge the old
guard.
Because if you want to swim with the sharks, you might as well show up
with a trident.
Why the Sudden Interest in Becoming a Bank?
Airwallex has spent the past few years building a reputation as an
increasingly big part the behind-the-scenes infrastructure that powers global
commerce. From helping businesses open foreign currency accounts to
facilitating real-time payments across borders, it’s carved out a niche among
international SMEs and tech-savvy firms.
Singapore-based payments firm Airwallex is reportedly planning to expand into the lending sector by pursuing banking licenses in the US and the UK.https://t.co/OdHh3XOHXB pic.twitter.com/kXOSHGFr0c
— The Marketing Eye (@themarketingeye) April 8, 2025
But there’s only so far you can go without a banking license.
Right now, Airwallex operates under a patchwork of licenses and
regulatory partnerships. That means it often has to rely on third-party banks
to hold funds or issue cards. A banking license would cut out those middlemen,
lower costs, and allow it to offer a broader range of services—like loans,
savings, and fully regulated deposits—under its own name.
It’s the fintech version of taking the training wheels off. Riskier?
Sure. But also a hell of a lot more interesting.
The US and UK: A Regulatory Double Black Diamond
Let’s be clear: getting a banking license in the US or the UK isn’t
like opening a food truck. It’s more like trying to get into Oxford wearing
Crocs.
The US is famously picky, with regulators like the Office of the
Comptroller of the Currency (OCC) and the Federal Reserve scrutinizing
everything from capital adequacy to executive haircuts. Meanwhile, the UK’s
Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are
hardly a walk in the park.
Airwallex Reportedly Pursuing US, UK Banking Licenses Read here: https://t.co/0qHfj8OZ6g#fintech #payments #UK #USA @airwallex
— Fintech Singapore (@FintechSIN) April 8, 2025
Airwallex will need to show deep pockets, robust compliance systems,
and a roadmap that doesn’t scream “Silicon Valley pipedream.” But if it pulls
it off, the rewards are substantial. A US or UK license would give the company
massive credibility—and a seat at the table.
Follow the (Global) Money
This potential move is less about regulatory masochism and more about
global ambition. With a banking license in hand, Airwallex could truly go toe-to-toe
with big banks, neobanks, and payment giants alike. Think business loans,
treasury services, payroll processing, and full-stack financial platforms—all
wrapped up in a sleek fintech bow.
While the company hasn’t publicly confirmed the license applications
yet, the buzz is loud. This could well be part of a broader strategy to make
Airwallex indispensable to businesses navigating an increasingly global
economy.
It’s also possibly a strategic play ahead of a potential IPO—because
nothing says “take us seriously” like the ability to hold deposits and issue
credit.
Airwallex Adds the Israeli Shekel to Its Offerings
While Airwallex plots regulatory world domination, it’s also
fine-tuning its product offering. Case in point: the fintech just added Israeli
Shekels (ILS) to its multicurrency wallet. Businesses can now collect, hold,
and convert ILS alongside 20+ other currencies.
“Enabling businesses to receive and hold funds in Israeli Shekels
through our Global Accounts is a significant step in simplifying cross-border
financial operations,” said Or
Liban, VP, Middle East at Airwallex. “Israeli and international companies
can now manage ILS transactions and their spend management more efficiently,
thanks to Airwallex’s robust financial infrastructure, which ensures local
collection and treasury with minimal friction.”
It might not grab headlines like a banking license, but it’s a big deal
for companies operating in or trading with Israel. More currencies mean more
flexibility, fewer conversion fees, and less reliance on traditional banks to
do simple things like… get paid.
It’s also a sign that while Airwallex is dreaming big, it’s not
forgetting the nuts and bolts that made it successful in the first place.
Final Thoughts: Betting on Banking
Airwallex’s pivot toward becoming a licensed bank is a gamble—but one
that could pay off in spades. In a world where every company is trying to
become a fintech and every fintech is trying to become a bank, this move feels
both inevitable and bold.
If successful, it would catapult the company into an elite club of
global financial institutions—and potentially redefine how cross-border
business banking gets done.
Until then, keep your eyes on the license applications—and your wallets
in multiple currencies. And in the meantime, keep an eye on our Fintech section.
This article was written by Louis Parks at www.financemagnates.com.
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