Airwallex, a leading global payments and finance platform for modern businesses, today announced a multi-year partnership with 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 treasury management and cross-border payment and settlement products. This partnership between Airwallex and McLaren will help ignite the fintech giant’s growth trajectory as it continues to scale globally.
Specifically, McLaren will use Airwallex to optimize its supply chain payments for all Grands Prix. McLaren’s existing payments infrastructure restricts payments to suppliers, such as hotel and venue providers, to a single UK-domiciled currency account, resulting in high foreign exchange (FX) fees, slow transfer times and additional SWIFT fees.
Airwallex’s financial technology will unlock multi-currency payment options for McLaren, enabling the company to hold key currencies and exchange them with speed and ease at any time, while reducing the amount of SWIFT fees that can be paid using extensive global exclusive payment of the Airwallex 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 enabling them to offer a wide 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 vital both on and off the track. We are delighted to have Airwallex on board and use their innovative and reliable payment solutions to support our team’s financial operations.”
Jack Zhang, CEO and Co-Founder of Airwallex, said:
“There are very few brands that match McLaren’s heritage and global appeal. Like McLaren, Airwallex is constantly innovating to move faster and more precisely – with a product that connects people around the world. 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 growth.”
Alongside the product integration, Airwallex will become a partner of the McLaren Formula 1 team, with the Airwallex logo appearing prominently on the halo of the McLaren MCL38, on the livery of driver Lando Norris and Oscar Piastri, including the pit crew, as well as in other Official McLaren branded material.
A truly global sporting event with races held in 24 cities, Formula 1’s reach and appeal across multiple markets is unrivaled. It has a worldwide viewership of 1.5 billion annually. Airwallex’s partnership with the McLaren Formula 1 team, a prominent and much-loved brand, is in line with its global ambitions to be the financial platform of choice for innovative businesses around the world.