Airwallex and McLaren Racing forge multi-year partnership to modernise global payment operations

Airwallex, a leading global payments and financial platform for modern businesses, has forged a multi-year partnership with the McLaren Formula 1 team.

Airwallex, a leading global payments and financial platform for modern businesses, has forged a multi-year partnership with the McLaren Formula 1 team.

As an Official Partner, Airwallex will support McLaren’s global financial operations through its treasury management and cross-border pay-outs and settlement product suite.

The partnership is to empower McLaren in optimising its supply chain payments for all Grands Prix. Currently, McLaren faces limitations in its payments infrastructure, resulting in high foreign exchange charges, slow transfer times, and additional SWIFT fees.

Airwallex’s innovative financial technology will provide McLaren with multi-currency payment options, allowing them to hold core currencies and exchange them efficiently, thereby reducing SWIFT fees and streamlining financial operations.

As part of the partnership, the FinTech firm will also contribute technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform.

This initiative will enhance multi-currency collection capabilities, providing a broad range of global and local payment options for McLaren’s audience.

The Airwallex logo will be prominently displayed on the halo of the McLaren MCL38 – which is set to be revealed on February 14. On top of this, it will also be adorned on Lando Norris’ and Oscar Piastri’s race overalls, and other official McLaren branded material.

Zak Brown, CEO, 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, said “There are very few brands that match McLaren’s heritage and global appeal. Like McLaren, Airwallex is constantly innovating to move faster and with greater precision – with a product that unites 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.”

Recently, both McLaren drivers committed their long-term future to the Woking-based outfit, with Norris tying himself down on a multi-year deal last month.

Piastri also announced he will be staying with McLaren until the end of the 2026 season – following a rookie campaign which saw him claim a brilliant sprint race victory in Qatar.

The team is looking to build on a tremendous 2023 campaign this year, after a dramatic shift in fortune saw the squad go from perennial backmarkers, following a harrowing winter, to race victory contenders as Norris and Piastri combined for an impressive eight podiums.

Under the leadership of Team Principal Andrea Stella, the McLaren is now looking to take the fight to the indomitable Red Bull operation which swept all before them in a record-breaking 2023 campaign.

Keep up with all the latest FinTech news here.

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