Airwallex has announced a multi-year partnership with the McLaren Formula 1 team to support its financial operations throughout the 2024 season and beyond.
Airwallex will provide McLaren with its suite of financial operations, including treasury management, cross-border payouts and its settlement suite, bolstering the F1 team’s payment capabilities for all Grand Prix’s across the racing calendar.
McLaren’s existing payments infrastructure limits payment to suppliers, such as hotel and event space providers, to a singular currency account based in the UK, resulting in high foreign exchange (FX) charges, slow transfer time and additional SWIFT fees.
Airwallex’s financial technology aims to unlock multi-currency payment options for McLaren, providing the company the ability to hold core currencies and exchange them with speed and ease at any point, reducing the amount of SWIFT fees that may be payable by leveraging Airwallex’s global proprietary payment rail network.
Jack Zhang, CEO and Co-Founder of Airwallex, added: “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.”
Airwallex will also provide technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform – further enhancing their multi-currency collection capabilities and allowing them to offer a broad range of global and local payment options.
Furthermore, alongside the product integration, Airwallex’s logo will be prominently displayed on the halo of the McLaren MCL38, on driver Lando Norris’ and Oscar Piastri’s overalls including the pit crew, as well as across other official branded material.
Zak Brown, CEO of McLaren Racing, added: “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.”
