Embedded finance report

The opportunity for

software platforms
and marketplaces
Introduction
This report draws on insights from research For this report, we define a software as 

carried out during Q3 2023 with the support a service (SaaS) platform as any business 

of consulting firm Edgar, Dunn & Company. that provides software for SMBs to manage
Insights come from two primary sources, 
 operational functions, including but not limited
a global survey of 1,000 small and medium- to expense management, customer relationship
sized businesses (SMBs) in the US, UK, China, management (CRM), procurement, and
Australia, and Singapore, and interviews with eCommerce. We define a marketplace as 

leading software platforms. any platform that provides a channel for SMBs
to sell goods or services online to consumers
and other SMBs.

We define embedded finance as the native

integration of financial services, including
currency accounts, cards, lending products,
payment acceptance, FX, and treasury, into
those platforms and marketplaces. This enables
platforms and marketplaces to offer customers
a more seamless experience by providing both
financial and non-financial services within a
single interface, allowing them to better serve
SMB verticals that are often overlooked by
traditional financial institutions.
Index
00 Executive Summary 3

01 The rise in demand for 4–9

embedded financial services
among SMBs

02 The opportunity for SaaS 10 – 14

platforms and marketplaces

03 The barriers to offering 15 – 18

embedded financial services,
and how to overcome them

04 How Airwallex can help 19 – 22

05 Case Study: Brex 23

06 Case Study: Navan 24

Global Embedded Finance 2

Executive Summary
83% of SMBs say they would be interested By adding financial services to their product
in accessing financial services through 
 offering, platforms and marketplaces 

SaaS platforms and marketplaces, but 
 have an opportunity to reduce customer
only 9% currently access those services acquisition costs and improve retention,
through their existing software providers. whilst increasing the lifetime value of 

We believe this indicates an opportunity 
 their SMB customers. Financial services
for SaaS platforms and marketplaces to present a ‘sticky’ value proposition which
better serve their SMB customers, and drive can help platforms differentiate from
revenue, by offering embedded financial competitors, build customer loyalty, and
services to customers unlock new lines of revenue.

When choosing a vendor for financial Open APIs are enabling platforms and
services, SMBs are less concerned 
 marketplaces to natively embed ready-
about price and more concerned with made financial solutions into their existing
convenience, ease of adoption, and products at speed. In the past, regulatory
flexibility. 82% say they would change their complexities, high upfront costs, and 

payments or banking solution provider if slow integration times were barriers 

their existing SaaS platform or marketplace that prevented software platforms from
offered a like-for-like alternative, and 
 expanding into financial services. Payment
76% are willing to pay more for one-stop Service Providers (PSPs) and fintechs that
solutions that can be accessed through a offer embedded financial capabilities or
single vendor. Therefore, SaaS platforms Banking as a Service (BaaS) offerings are
that hold existing relationships with SMBs removing these barriers, making it possible
have an immediate competitive advantage for software platforms to bring financial
over banks that offer the same services products to market fast, at a much lower
upfront cost than going direct to a bank 

The report shows that there is significant
and building those products in-house.
appetite among SMBs to access foreign
exchange (FX) services, payment
processing, multi-currency business
accounts, business credit cards, and more
from their software providers. 82% of 

SMBs say they are either very likely or
extremely likely to use FX services offered
by their software providers, 80% say they
would be very likely or extremely likely to
use payment processing and multi-currency
business accounts, and 76% say they 

would be very likely or extremely likely 

to use a business credit card.

Global Embedded Finance 3

Section one
The rise in demand for
embedded financial
services among SMBs

Global Embedded Finance 4

01 | The rise in demand for embedded financial services among SMBs

SMBs face myriad pain points when 


it comes to financial management.

13%

From difficulties accessing short-term capital, business bank

accounts, and cards, to lengthy processing and settlement times

when collecting and paying out funds overseas. Our report

shows that traditional banks are least likely to meet the needs 

of SMBs in the retail 

of today’s SMB. Certain verticals are particularly overlooked 

sector expect their 

by traditional financial institutions; for example, only 13% of
financial requirements 

SMBs in the retail sector expect their financial requirements 

to be met by banks.
to be met by banks.

SMBs believe traditional banks are least 


likely to be able to meet their financial needs.

Q. Which of the following organisations do you think

can effectively serve your financial services needs?

44% 57% 64% 67% 72%

Traditional banks International money SaaS platforms 
 Fintech software Payment

transfer services or marketplaces platforms processors

that offer

embedded services

Global Embedded Finance 5

01 | The rise in demand for embedded financial services among SMBs

There are several reasons why SaaS platforms and

marketplaces are well placed to fill the gap left by banks.

01
If the platform also provides business accounts,
Vertical SaaS companies understand the they can monitor when their merchants’ funds
nuances in the industries they serve and can run low and dynamically offer additional capital.
offer tailored services that suit their customers’ By adding corporate cards to their offering, the
specific needs. For example, a software 
 platform can provide a comprehensive financial
platform that serves businesses in the solution that allows their merchants to earn
construction sector will be aware of the revenue, access capital, and pay for business
industry’s payment terms standards which 
 expenses through a single interface.
may require businesses to make large upfront
payments to vendors well in advance of the 03

completion of a project. Those platforms 
 SaaS platforms and marketplaces can offer
can offer their customers access to high 
 their SMB customers the convenience of
credit limits and cashback on card payments, accessing financial services through their
providing a simple and cost effective solution 
 everyday software. For example, an expense
for vendor payment. Conversely, Tier 1 banks management platform that offers local currency
tend to offer standardised financial products accounts, currency conversion, and transfer
that do not serve the varying nature of different services can enable their customers to manage
industry verticals. everything from raising purchase orders to
paying and reconciling invoices in one place,
02
rather than having to manage these steps
SaaS companies typically have access to rich across several platforms. Our research shows
customer data which allows them to accurately that SMBs prefer these one-stop solutions:
assess a customer’s eligibility for financial
products, personalise the user experience, and
recommend the right financial products to users 76%

at the right time. For example, an eCommerce say they would even be prepared to pay extra
platform, such as Shopify, or a marketplace, for the convenience of accessing multiple
such as Amazon, that offers payment processing financial services through a single platform.
and has access to merchant transaction 

data can use this data to underwrite lending
products, whilst factoring in considerations 

such as seasonality.

Global Embedded Finance 6

01 | The rise in demand for embedded financial services among SMBs

When considering a vendor for financial

services, SMBs are less concerned about of SMBs are interested
price and more concerned with efficiency 

and flexibility.
83% in accessing financial
services through their
software platforms.
They want financial services that are easily
accessible and can be customised to meet their
specific needs. 83% of SMBs say they would 

be interested in accessing financial services
through SaaS platforms and marketplaces, 
 of SMBs currently
but only 9% currently do, indicating that there 

9%
access embedded
is a considerable market for embedded finance from 

their existing 

financial services that remains untapped. software platforms.

“
Payment acceptance is often the first route
platforms and marketplaces explore when it
comes to embedded financial services, and
for good reason.
When you think about other
By embedding payment acceptance into 

geographies and local payment
their product, platforms can offer significant methods, those are a lot harder 

value to their SMB customers by allowing 
 to support over time. A merchant
them to manage both operational and payment will not build it themselves; 

workflows through a single interface, and they're going to look for a payment
accelerate pay in and payout processes. 
 partner to be able to support them 

They can also help SMBs overcome the in those geographies”

complexity of processing data with multiple

layered payment methods across currencies, Senior Manager of Payments and Capital 

at an international eCommerce platform
regions, and channels. In certain verticals, such
as eCommerce, today’s SMB expects to access
cross-border payment processing through their
platform or marketplace as a matter of course.

Global Embedded Finance 7

01 | The rise in demand for embedded financial services among SMBs

Payment acceptance is a notoriously ‘sticky’ value proposition that can help

platforms attract and retain customers, whilst increasing their lifetime value.
If a software platform is able to offer 
 The majority of SMBs currently use several
a convenient and compliant payment financial service providers to manage
processing solution, SMBs are more likely 
 international money transfers, including global
to stick with them, rather than going 
 banks, local banks, and fintech providers. 

through the hassle of switching providers. 
 These fractured payout systems cause real
Once platforms have established payment problems for today’s SMB: 48% experience
acceptance as part of their offering, 
 delays in processing and disbursing payments,
they are well placed to offer additional 
 47% have trouble with the complexity of
financial services. By adding currency 
 managing multiple payout methods and
accounts and payouts to their product, currencies, and 40% struggle with a lack 

platforms can help their customers streamline of automation.
the end-to-end management of funds globally.

Top 3 challenges faced by SMBs

collecting cross border payments paying out overseas

45% Lengthy processing

and settlement times 48% Delays in processing 

and disbursing payments

41% Forced currency

conversion leading to
high transaction fees
47% Complexity in managing
multiple payment
methods and currencies

Limited payment Forced currency

39% options and currencies
for customers
43% conversion leading to
high transaction fees

Global Embedded Finance 8

01 | The rise in demand for embedded financial services among SMBs

For example, an eCommerce business that 
 By offering integration with accounting

sells products through a marketplace such 
 software, platforms can also relieve the 

as Amazon will have to transfer the revenue burden of manual reconciliation, providing
earned from that platform to an external bank their customers with a holistic solution for
account, a process which could take days. 
 global fund management which is both
If they sell globally, they will be subject to FX convenient and efficient. There is a clear
fees when collecting foreign currencies into demand for these services, with 82% of SMBs
their domestic bank account. If they also have claiming they would change their existing
global suppliers and employees, they will payment service provider if their platform or
subsequently need to transfer funds from 
 marketplace offered a like-for-like alternative.
their bank account to those suppliers, at which

82%

point they will be subject to further currency

conversion fees and transfer delays. These
inefficient fund management workflows can
lead to cash flow issues that have a particularly
damaging effect on SMBs.
of SMBs claim they would change 

their existing payment service provider 

By offering an end-to-end solution that 

if their platform or marketplace offered 

covers global collections, multi-currency
a like-for-like alternative.
accounts, cards and payouts, platforms and
marketplaces can alleviate these pain points.
Their customers can collect and settle
payments into a multi-currency account that 

is natively embedded within their platform, 

and payout to global suppliers without 

being subject to currency conversions in 

either direction.

Global Embedded Finance 9

Section two
The opportunity

for SaaS platforms

and marketplaces
According to Bain & Company, One reason embedded finance presents such a
vast revenue opportunity for SaaS platforms and
the transaction value of marketplaces is that the use cases for integrated
embedded finance will hit US$7 financial services are as broad as the verticals
those platforms serve. From ride hailing apps
trillion by 2026 in the US alone.
that offer underbanked gig economy workers
access to bank accounts and credit cards, to
expense management platforms that provide
SMBs with a simpler way to pay and reconcile
invoices, embedded finance is solving a wide
variety of problems, and the appetite for these
services shows no sign of waning.

Global Embedded Finance 10

02 | The opportunity for SaaS platforms and marketplaces

Our report shows that SMBs 
 With 82% claiming they are either very likely 

or extremely likely to use FX services, 80%
are looking to access a host 
 claiming they are very likely or extremely likely
of financial solutions from 
 to use payment acceptance and multi-currency
business accounts, and 76% claiming they are
their software providers.
very likely or extremely likely to use a business
credit card.

Interest that SMBs have in accessing the following

services from their software providers

Payment processing 80%

Multi currency business 

or bank accounts 80%

Business credit card 76%

Business loans 70%

Banking services 80%

Foreign exchange services 82%

Accounting services 76%

Payroll management 75%

1 & 2 = Unlikely 3 = Likely 4 & 5 = Very Likely

Global Embedded Finance 11

02 | The opportunity for SaaS platforms and marketplaces

For software platforms and marketplaces, Offering embedded

there is a triple benefit to providing financial services can
increase revenue per
embedded financial services to SMBs
customer by up to

5x
Embedded finance can reduce customer acquisition cost
1
(CAC), improve user retention, and significantly increase 

the lifetime value (LTV) of their users. According to some
estimates, offering embedded financial services can increase
revenue per customer by up to 5 times.

6.7x
Embedded financial services have also been shown to
2
have a positive impact on the valuation or market cap 

of companies. According to Dealroom marketplaces that
have embedded financial services have a median EV/Sales
Median EV/Sales,
of 6.7x, compared to 5.3x for marketplaces that don’t.
compared to 5.3x 

for marketplaces that 

don’t have embedded
financial services.

Kristina Shen, Kimberly Tan, Seema Amble, and Angela Strange, 'Fintech Scales Vertical SaaS', Andreessen Horowitz (a16z), 4 August 202
Ivan Draganov, 'Fintech and online marketplaces, a lucrative pairing', Dealroom, 22 September 2021

Global Embedded Finance 12

02 | The opportunity for SaaS platforms and marketplaces

Common monetisation strategies

There are several ways to earn revenue from embedded financial

services. Typical strategies include:

Payment acceptance
FX and payouts

Transaction fees can be charged as a percentage 
 Platforms which help businesses collect and
of each payment processed. This is a common use disburse money globally can charge markups 

case for eCommerce platforms and marketplaces. on foreign currency exchange (FX). By choosing
a financial partner that offers low FX rates,
platforms can keep these services competitive
versus traditional banks.

Subscription fees

Platforms can bundle financial services 


with their core offering and charge a recurring
subscription fee. Cards

A percentage in interchange fees can be earned

on each card transaction. Because interchange
fees are charged to the merchant accepting
Lending products
card payments, not to the card holder, 

Platforms that offer loans and lines of credit 
 platforms that offer cards can earn revenue 

can earn interest on those products, typically from interchange without charging their users
charged as a percentage of money borrowed. 
 an additional fee. They can also opt to share
By using platform data to underwrite the risk on interchange earnings with their SMB customers
lending products, platforms may be able to offer as cashback in order to aid customer acquisition
their SMB customers more favourable rates than and loyalty.
banks, as well as the convenience of accessing
capital through a familiar interface.

Global Embedded Finance 13

02 | The opportunity for SaaS platforms and marketplaces

As the needs of customers evolve, platforms 
 For example, today’s SMB is more likely to
can add access to additional financial services choose an expense management solution 

to their product offering, opening up new that can help them simplify their workflows 

revenue streams. An eCommerce platform 
 by facilitating global payouts, employee cards,
that offers embedded payments today can and automated reconciliation, in one place.
diversify into interest-generating products 
 These additional features can be used to both
such as cards and loans in the future. 
 attract and retain customers, particularly 

Our research suggests that SMBs value 
 if they’re made available at a global scale.
ease of adoption over other considerations,
including price, so by natively integrating “We have definitely seen improved
financial solutions into their existing offering, user retention and adoption as a result
SaaS platforms hold a competitive advantage of integrating financial services like
over banks that offer the same services.
virtual cards.”

“In terms of financial services, 
 Senior Director of Financial Operations & Support 

at an international expense management platform
I wouldn't say there's limits. We can
see ourselves offering all sorts of Because embedded finance is proven to
financial services in the future as 
 increase the LTV of users, platforms can
long as there is a product-market fit.”
choose to follow an alternative strategy and
spend more on acquiring customers. This gives
Senior Manager of Payments and Capital at an
international e-commerce platform them the opportunity to grow their market
share and expand their customer-base into new
regions and verticals. For instance, an expense
Reduce CAC and improve 

management platform that offers cards could
user retention choose to offer a basic version of their core
service for free on the basis that they can cover
n an increasingly competitive environment,
their costs through revenue generated from
I

platforms and marketplaces need new ways 


interchange and upsell customers to premium
to meet the needs of their SMB users. In some
features at a later date.
verticals, offering access to financial services
can help distinguish platforms from their
competitors once the addressable market 

for their core offering has become saturated. 

In other verticals, embedded financial solutions

are already ‘table stakes’ and platforms that fail

to offer these services risk becoming obsolete.

Global Embedded Finance 14

Section three
The barriers to offering
embedded financial
services, and how 

to overcome them

Global Embedded Finance 15

03 | The barriers to offering embedded financial services, and how to overcome them

Despite the potential benefits of embedded They may, for example, find that their banking
finance, barriers still exist that prevent SaaS partner can support card issuing in one region
platforms and marketplaces from building but not another, or that the bank does not
these services today. Primary considerations support direct debit payments in and out of all
when launching financial products include: regions. This can cause issues for platforms that
operate across several markets and want to
Compliance regulations
offer a consistent service to global customers.
Such as Know Your Customer (KYC), 

Anti-Money Laundering (AML), and Payment Upfront investment and ongoing costs

Card Industry Data Security Standard (PCI If a platform decides to work directly with 

DSS). Understanding how to offer financial a bank to develop their financial offering, 

solutions in a way that is compliant, is complex they will need to hire a dedicated team to 

and may lead some platforms to hire new liaise with their chosen banking partners 

teams with risk and compliance expertise. 
 (there will likely be multiple partners for each
Operating at a global scale adds an extra 
 region) and will be looking at an upfront
layer of complexity as platforms must 
 investment of up to USD$2 million or more
comply with regional regulations that vary depending on the products they’re looking 

across markets and are subject to change. to develop. Banks tend to charge high
transaction fees which can make it difficult 

Speed to market
for platforms to make a margin on products 

Building financial products in-house can take like payment processing and FX.
upwards of two years. As well as building a
front-end product, a considerable amount of Licensing

work needs to be done in the back-end before 
 Any business that offers financial services must
a platform can deliver a viable product. 
 obtain and maintain licences in the regions in
This includes payment network integration, 
 which they operate. For example, a business
user onboarding, data security, fund flow that processes transactions on behalf of their
management, dispute handling, transaction customers will need a money transfer licence or
monitoring, and more. When it comes to local equivalent. Licences can take up to a year
finance, the stakes are high and platforms 
 to be granted (longer in some regions) and must
that fail to take the necessary security and be maintained on an ongoing basis by a team 

compliance measures will face severe penalties. of compliance and legal specialists, anti-money
laundering specialists, risk management
Global product restrictions
specialists, and monitoring specialists.
Platforms that choose to set up a direct
partnership with a bank may find themselves
restricted to their chosen partner’s 

geographical coverage and product suite.

Global Embedded Finance 16

03 | The barriers to offering embedded financial services, and how to overcome them

However, there are ways that platforms 
 The past decade has seen a significant rise 

can overcome these barriers. Rather than in the development of open application
partnering directly with a bank, platforms 
 programming interfaces (APIs) in the fintech
can partner with Payment Service Providers space. Open APIs have changed the game by
(PSPs) and fintechs that offer Banking as a enabling software platforms to natively embed
Service (BaaS). These providers typically hold ready-made financial solutions into their existing
relationships with several banking partners and products at speed with minimal development
have comprehensive financial infrastructure work. Rather than hiring a team to build products
which platforms can build on top of, enabling from scratch, platforms can integrate pre-built
them to bring financial products to market in 
 components with their existing product to
a matter of months with a much lower upfront manage everything from user onboarding and
investment than if they were to go direct to a KYC, to complex fund flows.
bank. Platforms can also leverage their chosen
partner’s existing licensing, rather than having
to obtain and maintain their own.

In today’s competitive environment,

speed-to-market is everything.

Our report indicates that embedded financial ¥

services are currently in a nascent phase in 

which demand outstrips supply. By leveraging 
 £
open APIs, platforms can gain a first-mover
advantage over competitors.

Global Embedded Finance 17

03 | The barriers to offering embedded financial services, and how to overcome them

Choosing the right 
 Revenue

financial services partner Platforms should consider how they intend to

monetise financial products and ensure these
When it comes to choosing a financial models fit the capabilities of their chosen partner.
services partner, there are several factors For example, if an eCommerce platform intends 

platforms and marketplaces should evaluate: to charge a per-transaction fee on each payment
processed, they should choose a provider that
allows funds to be programmatically split each time
a payment is processed, so a fee can be deducted
before funds are routed to their merchants.
Flexibility

Vertical SaaS platforms have specific

requirements when it comes to supporting 

their SMB customers, and a one-size-fits all Integration

approach doesn’t always suffice. For example, Ease of integration and speed of execution 

an eCommerce platform may require 
 are of paramount importance. By choosing a
a payments solution which allows for 
 provider with high quality developer capabilities,
bespoke pricing on particular transactions. libraries, and APIs, platforms can cut down 

Platforms should look for a provider that offers the time and the level of investment required 

solutions which can be tailored to meet the to launch new products.
unique needs of their specific SMB audience.

Global coverage

Product breadth
Launching financial services across multiple
Platforms should consider their long-term regions comes with regulatory complexity. 

product roadmap as well as their short-term By choosing a financial services partner that
goals when selecting a financial services holds a myriad of financial services licences
provider. Platforms that start by offering globally, platforms can ensure they are not limited
embedded payments may find that there 
 by geography or currency, and can launch in
is significant demand amongst their user 
 multiple markets secure in the knowledge that
base for business accounts, cards, and lending they are meeting compliance regulations.
products one or two years down the line. 

By choosing a financial services partner with 
 By choosing the right financial services
a rich product suite, platforms leave the door partner, platforms can manage global
open for future expansion. compliance and integration with comparatively
little upfront investment, whilst smoothing
the way for future product development and
revenue opportunities.

Global Embedded Finance 18

 Section four
How Airwallex can help
Airwallex offers embedded Leading platforms and marketplaces leverage
Airwallex’s 60+ global financial licences, 

finance solutions which can 

high-quality developer capabilities, and APIs 

be white labelled and natively to embed financial solutions into their product
integrated into software and launch them on a global scale.

platforms via API.

1
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Add USD via direct debit 2

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11
}

12
},

13
"primary_contact_details": {

All transactions
14
"email": "[email protected]",

Reimbursements Payment Apple Pay

15
"full_name": "John Smith",

Google Marketing 320 SGD

16
"mobile_number": "619922334321"

6 03 $15.21
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Ship to 12 Cherry St. 17 }
Hot Deals Hot Deals
recipient amount
Facebook Marketing 200 SGD
Subtotal $10.22
Kim Cooper 1,000.00 GBP
Shipping $2
Atlassian Marketing 100 SGD

Jane Doe 1,500.00 USD

Total $12.22 Hubspot Marketing 100 SGD

8 03
$ . 5
$1 .21 9 03
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Place order
Hot Deals Hot Deals
Sam Jung 750.00 AUD

Global Embedded Finance 19

04 | How Airwallex can help

Payments for Platforms

By white labelling Airwallex’s global payments infrastructure, platforms and marketplaces can
enable customers to sell internationally with a localised and frictionless checkout experience,
and pay global sellers and service providers via instant payouts and cards which can be white
labelled and distributed to customers with the platform’s branding.

Platforms can collect, split, and pay out funds Airwallex handles global KYC requirements
globally and manage fund flows compliantly so platforms can focus on running their 

without requiring PayFac registration. core business.
Like-for-like settlement enables platforms 
 Platforms can monetise payments 

to collect and settle payments in the 
 by charging transaction fees for each 

same currency to eliminate FX risk and payment processed or bundling payments
maximise revenue with other paid premium features.
Airwallex offers integration with multiple
PSPs, allowing platforms to manage 

global settlement and payouts even when
using another primary PSP or multiple PSPs
across regions.

Airwallex supports payment processing in

180+ 170 + 160+

Countries Currencies Payment methods

Airwallex enables
payouts to local payouts to instant payouts to
+ +
150 90
Countries Countries
+
60
Countries

Global Embedded Finance 20

04 | How Airwallex can help

Global Treasury
Platforms can enable their customers to efficiently collect, store, and distribute
funds worldwide with Airwallex’s powerful global treasury infrastructure.

Platforms can open currency accounts in 60+ Platforms can enable customers to hold funds
countries in their customers’ names, and allow in 20+ currencies, and collect and payout
customers to collect and distribute funds via funds in the same currency to avoid
direct debit, SWIFT, and local payment rails. unnecessary FX conversions.
Accounts come with local bank codes and
Airwallex offers interbank FX rates and
dedicated account numbers.
advanced FX features which enable platforms
Customers can payout to 150+ countries, to lock in rates for 1,000+ currency pairs.
including automated batch payments and
Platforms can earn revenue from markups 

direct debits via API. Airwallex supports local
on FX and payouts, per transaction fees, 

payout rails in 90+ countries and instant
and more.
payouts to 60+ countries.

Local collections in Hold and convert in

60+
Countries
20 +
Currencies

Local payouts in Instant payouts to

+ +
90
Countries
60
Countries

Global Embedded Finance 21

04 | How Airwallex can help

Banking as a Service
Platforms can solve their customers' financial service needs and unlock new
revenue streams by natively embedding full-fledged financial capabilities, including
foreign and domestic currency accounts, physical and virtual cards, global funds
movement, and lending. Airwallex partners with a network of leading banks to offer
secure, reliable, and compliant financial infrastructure at a global scale.

Platforms can create local currency accounts Where platforms are able to offer loans 

in their customers’ names in 60+ countries. to customers, they can access data to 

Accounts come with local bank details. assess credit worthiness on an ongoing 

basis, and programmatically sweep funds 

Customers can hold funds in 20+ currencies
for repayments. Funds can be distributed 

and convert currencies at interbank rates
to global customers instantly via payouts 

Platforms can leverage the Airwallex BIN to or cards.
issue single or multi-use cards in 37+ markets
Platforms can monetise financial products 

and white label with their branding.
in multiple ways, from interest collected on
lines of credit to markups on FX and payouts.

+
Create local currency 

accounts in 60
Countries

Hold funds and convert 


at interbank rates in 20 +
Currencies

+
Issue single or multi-use 

cards in 37
Countries

Make payouts to
150+
Countries
Global Embedded Finance 22
05 | Case Study: Brex

Case study: Brex

The challenge

Brex is an expense management platform with 


“
a mission to empower global businesses and

their employees to make better financial

Leading enterprises are expanding their
decisions. The company aims to revamp the
footprints globally and are looking to
business banking experience by providing a
Brex for employee spend and expense
modern, tech-driven alternative to traditional
management across their operations.
banks. To fuel its growth, Brex needed a partner
Brex has invested years and millions 

with international reach that could help it
of dollars in the financial infrastructure 

unlock new markets, and allow it to service
to power this global money movement
multinational customers.

and therefore chooses its partners very

carefully. We are pleased to be working

The solution
with Airwallex due to its strong financial

With Airwallex’s Global Treasury solution, 
 infrastructure in multiple markets and

Brex has been able to accelerate its global developer-friendly platform.”

growth and meet the needs of its multi-entity

Henrique Dubugras

customers. Through a single API integration,
Founder and Co-CEO, Brex
Brex has made it straightforward for its

customers to top up their accounts in domestic

currencies using local rails in each of the regions

its customers operate in. Its customers 


can then pay supplier invoices and employee

reimbursements at scale through fast, cost-

effective global payouts on the Brex platform.

John Green
Demo Co. US

Cash

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12,000.00 USD
0 2 Aug AT&T Service Provider -$247.00 Past d eu

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0 1 Aug c
Cigna Insuran e -$105.00 Past d eu

Demo Co. US
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Finance 1
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24 Nov Messaging App Co. -$247.00 Draft

06 | Case Study: Navan

Case study: Navan

The challenge

Navan is a corporate travel and expense

“
solution which allows users to book travel

services and easily manage business travel

Navan aims to make travel and 

expenses. It needed a partner that could help 

expense management easy, and
it manage and accelerate global payouts to 

Airwallex’s vision to deliver better
its customers’ employees around the world.

experiences and tech solutions aligns

exactly with that goal. With Airwallex, 


The solution
we are now able to reimburse our

By leveraging Airwallex’s robust financial customers’ international employees 


infrastructure, Navan is able to efficiently in their local currencies instantly or 


manage employee reimbursements at scale 
 on the same day in many countries, 


for its multinational customers. Through a and we’re excited to continue working

single API integration, Navan can streamline together as we bring more innovative

local top-ups, manage FX risk, and make fast features to businesses everywhere.”

cost-effective payouts around the world 


Michael Sindicich

via local payment rails. This improves the
EVP and General Manager, Navan
experience for Navan’s users, who receive

instant reimbursement for their expenses 


whilst travelling for work.

Reimbursements
John Doe
Demo Co

recipient amount

Kim Cooper 1,000.00 GBP

Approve

Jane Doe 1,500.00 USD

Jane Doe, Nov 1 - 3

Sam Jung 750.00 AUD

Los Angeles trip
Approve

Add to trip Merge trip Receipts

Approve

1 MIA LAX
Global Embedded Finance 24
Nov 8:20 am departure

Approve
1 Uber to Hotel

Nov 4:30 pm pick-up

Discover how Airwallex 


can support your platform 


or marketplace in building

embedded financial solutions

at a global scale.

Get in touch