Australia-based financial technology company Airwallex has introduced its global payments services in Canada in a move to build on its expansion in the Americas.

The company forayed into the US market in August 2021.

According to the fintech firm, the launch of its new payments services would enable Canadian companies to use its platform to provide a quicker, cost-effective, and transparent alternative to the conventional banking platform.

With the new services, firms in Canada can leverage Airwallex’s important offerings.

The offerings include local currency accounts in more than 12 currencies, a multi-currency wallet in 44 currencies, and payouts to 150 countries via its proprietary local payment network.

Airwallex said that it will gradually introduce its whole suite of global products, including multi-currency cards, spend management, and online payments.

Established in 2015, Airwallex operates across Asia-Pacific, Europe, and the Americas with about 1,300 employees in 19 major locations in different parts of the world.

Currently, the fintech firm is said to be already assisting various Canadian businesses across professional services, eCommerce, and technology sectors.

Its customers are said to utilise the centralised Airwallex platform to make payments easier from collections to payouts as well as to optimise multi-currency management and streamline cost savings.

The fintech payment platform has also secured an online payment license in China last month to become a third-party payment provider in the country.

Airwallex Americas general manager Ravi Adusumilli said: “To thrive in today’s challenging global economy, businesses must be able to scale without borders, move money across currencies with ease and manage their finances across markets with a single integrated platform.

“Airwallex is excited to support the ambitious Canadian businesses who wish to grow internationally, quickly and economically, as well as international businesses who have operations in Canada.”

Last October, the fintech company closed its Series E extension round by adding $100m at a valuation of $5.5bn. The company’s total funding increased to over $900m with the Series E round to help drive its global expansion.