Global Financial Service Used By OurCrowd Opens Mideast HQ in Tel Aviv
A financial service used by businesses to make and receive payments in over 50 currencies has opened an office in Tel Aviv as its Mideast headquarters.
Airwallex has chosen the city for its flagship office in the region due to strong customer demand. The service is already used by Israeli companies like OurCrowd, the country’s most active venture capital firm, and Papaya Global, a payroll management service.
The company processes more than $50 billion in transactions annually in Israel and around the world, including for Chinese fast-fashion company Shein, which is now the world’s largest fashion retailer.
Airwallex also hired ex-Google exec Or Liban as its head of Israel and the Middle East operations, and said that the country’s high-tech ecosystems, where startups aim to be global from the get go, was a main factor in expanding to Tel Aviv.
“Setting up local operations in Israel is just the first step in our ambitious plan for expansion across EMEA [Europe, the Middle East, and Africa] in 2023,” said Pranav Sood, General Manager for EMEA at Airwallex.
“Israel is at the forefront of tech innovation and a global hub for high-growth startups. Israeli technology businesses are ‘default global’ and we have already seen the impact that our payments and financial infrastructure can have for them as they grow across borders.”
Liban said: “I’m delighted to join Airwallex as we continue our global growth momentum into Israel and the Middle East.
“Technology is core to unlocking the power of global payments, and digital trade is front and center for economic development throughout Israel and the Middle East.
“Airwallex’s unique financial infrastructure and embedded finance capability is a winning combination as businesses look for new revenue streams through global expansion.”
Airwallex was founded in 2015. It is valued at $5.5 billion and has raised over $900 million from some of the world’s top investors.