Airwallex powers McLaren F1 finances
Melbourne-headquartered fintech Airwallex has signed a deal with McLaren to support the British Formula 1 team’s financial operations, including multi-currency transactions and its merchandise platform.
McLaren Racing chief executive Zak Brown said the agreement would allow the team to hold onto core currencies and exchange them more quickly while slashing SWIFT fees. The partnership will also capitalise on the Melbourne roots of McLaren driver Oscar Piastri.
“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,” Mr Brown said.
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 the team to offer a broad range of global and local payment options.
Airwallex co-founder and chief executive Jack Zhang said the McLaren partnership would accelerate the company’s global expansion. In October last year, the company established a presence in Latin America after buying Mexico payments company MexPago for an undisclosed sum. It has made a raft of executive appointments in its San Francisco office to bolster its US operations.
“There are very few brands that match McLaren’s heritage and global appeal,” Mr Zhang said. “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.”
The fintech’s branding will feature on the halo of the McLaren MCL38 as part of the agreement, as well as the overalls of Piastri and fellow F1 driver Lando Norris.