Airwallex, the Australian-founded fintech company, has made a significant move into the South Korean market by acquiring Paynuri Co Ltd. This acquisition provides Airwallex with crucial local payment licenses and a foreign-exchange business registration, enabling it to operate directly in South Korea without relying on third-party intermediaries.
Following a successful funding round that valued Airwallex at $8 billion, the acquisition marks a pivotal step in expanding its global financial platform. Airwallex plans to launch services like global business accounts and payment acquiring in South Korea by 2026, further planning to strengthen its presence by hiring a local team to boost sales, compliance, and client management.
Arnold Chan, Airwallex's General Manager for Asia-Pacific, noted that South Korea's growing ecommerce, creative, and entertainment sectors present extensive opportunities. The acquisition aligns with the company's strategy to enhance its global network and scale its AI-driven solutions, having already reached significant annual revenue and transaction volumes.
