Breaking News: Airwallex Expands to Israel and Targets Cyber Security Acquisitions
Global payments company Airwallex recently announced its plans to expand into Israel, as part of its strategy to grow in the Middle East and across the globe. This Australian financial technology firm is setting up an office in Tel Aviv, which will be headed by Or Liban, as it looks to acquire startups in the fields of cyber security, fraud detection, and threat prevention.
Airwallex in Brief
Airwallex is a cross-border payments company founded in 2015 by four Australian entrepreneurs. The firm offers a foreign exchange platform that allows users to make international transactions at a lower cost than traditional banks.
It has since expanded its services to include a global financial cloud that provides a range of products such as borderless accounts, corporate cards, and API integration. Today, Airwallex is present in over 20 countries, including the US, UK, Hong Kong, and Australia, and has over 500 employees worldwide.
Expanding to Israel
Airwallex is taking a significant step towards its goal of global expansion by opening an office in Israel, which will be operational from May 13, 2023. This move is part of its plan to establish a presence in the Middle East and Africa region and extend its services to more customers in Europe. The company is optimistic about the Israeli market, citing the country’s high-tech ecosystem as one of the main reasons for expanding there.
Israel has a reputation as a hotbed of innovation and a hub for start-ups, with a thriving tech scene that has attracted many global firms. According to a report by Start-Up Nation Central, there are over 7,000 start-ups in Israel, making it the highest concentration per capita in the world.
This vibrant ecosystem is a fertile ground for tech firms, with many young companies in the fields of cyber security, fraud detection, and threat prevention. Airwallex hopes to tap into this rich pool of talent and expertise and leverage it to grow its business.
Targeting Cyber Security Acquisitions
Or Liban, who will lead Airwallex’s operations in Israel, has identified cyber security as a key area of interest for the company. In an interview with Reuters, Liban said that the company is looking for start-ups that can help it to bolster its security measures and prevent fraud. He noted that there are many potential acquisition targets in Israel that could fit the bill, given the country’s expertise in this area.
Cyber security is a critical concern for businesses today, as cyber-attacks are becoming increasingly sophisticated and frequent. According to a report by IBM, the average cost of a data breach is $4.24 million, a figure that has risen by 10% over the past year.
The financial services sector is particularly vulnerable, as it deals with sensitive customer data and large financial transactions. By acquiring start-ups in the cyber security space, Airwallex can enhance its security measures and offer its customers greater protection.
Airwallex’s Valuation and Funding
Airwallex’s expansion plans are backed by its strong financial position. The company is valued at $5.5 billion and has raised $900 million from various investors, including Salesforce Ventures, Sequoia, Tencent, Square Peg, Lone Pine Capital, and 1835i. These funds have enabled the company to develop its global financial cloud and invest in research and development to improve its services. With this substantial war chest, Airwallex is well-positioned to execute its expansion strategy and target cyber security acquisitions in Israel and other markets.
Conclusion
In conclusion, Airwallex’s decision to expand to Israel is a strategic move that aligns with its goal of expanding globally. With a strong financial position and an eye on cyber security acquisitions, the company is poised to capitalize on Israel’s thriving tech scene and establish a strong presence in the Middle East and Africa region.
As Airwallex continues to grow and evolve, it will be interesting to see how it leverages its Israeli operations and the potential acquisition targets to offer better services and greater value to its customers worldwide.
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FAQ
Q: What is Airwallex?
A: Airwallex is a global payments firm founded in Australia that provides cross-border payment solutions for businesses.
Q: What is Airwallex’s valuation?
A: Airwallex is valued at $5.5 billion.
Q: Who are Airwallex’s investors?
A: Airwallex has raised $900 million from investors including Salesforce Ventures, Sequoia, Tencent, Square Peg, Lone Pine Capital, and 1835i.
Q: What is Airwallex’s transaction volume?
A: Airwallex processes more than $50 billion in transactions annually.
Q: What is Airwallex’s expansion plan?
A: Airwallex plans to expand globally, with its Israeli operations being a first step towards expanding across Europe, the Middle East, and Africa in 2023.
Q: What is the main reason behind Airwallex’s expansion to Israel?
A: Airwallex’s expansion to Israel is due to the country’s high-tech ecosystem, which has many relevant startups for potential mergers and acquisitions, particularly in cyber security, fraud detection, and threat prevention.
Q: What are the benefits of Airwallex’s expansion to Israel?
A: The expansion to Israel will provide Airwallex with access to Israel’s thriving tech scene and help the company establish a strong presence in the Middle East and Africa region.
Q: Does Airwallex already serve Israeli businesses?
A: Yes, Airwallex already serves a number of Israeli businesses.
Q: Are there any deals currently in the works for Airwallex in Israel?
A: There are no deals currently in the works, but the company sees many opportunities for potential mergers and acquisitions in the future.
Q: What is Or Liban’s role in Airwallex’s Israeli operations?
A: Or Liban will head the company’s Israel operations.