Airwallex rolls out Yield for US firms after USD $1bn lift
Airwallex has launched its Yield treasury product for US businesses, extending access to a money market fund managed by J.P. Morgan Asset Management. It also reported more than USD $1 billion in global assets under administration for the service.
Yield lets customers move funds from cash balances held on the Airwallex platform into the J.P. Morgan U.S. Government Money Market Fund, described as AAA-rated. Airwallex positions the product as an alternative to traditional business savings accounts and part of a broader push to give businesses a consolidated set of financial tools.
The US rollout follows a beta programme that ran in early January. Customers can activate Yield inside an existing Airwallex account, rather than opening a separate account with an investment provider.
Cash management
Yield has no minimum lock-up period, and funds generally settle back into a customer's Airwallex cash balance in under two business hours. Airwallex positions the settlement window as useful for businesses that need to move between yield-bearing holdings and payment activity during normal operating cycles.
Yield sits within a platform that also includes cross-border payments, foreign exchange and spend management tools. Customers can move money between payments, payouts, corporate cards and Yield through one dashboard, without external transfers between providers.
Airwallex also said most funds held in Yield globally are in US dollars, which it linked to businesses seeking to protect capital during periods of local currency volatility and broader macroeconomic uncertainty.
SME demand
Airwallex attributed much of the product's growth to small and medium-sized enterprises with less than USD $10 million in annual revenue. It said many of these customers treat Yield as a "set and forget" option and use it much like a savings account.
The company also pointed to the growth figure as evidence of demand for treasury products that sit alongside payments and expense management, rather than operating as standalone investment accounts. This theme has become more prominent across fintech as providers look to expand relationships beyond transaction services and into cash management.
"Topping $1 billion is a testament to the demand for a new kind of banking experience - one that is global, digital-first, and institutional-grade," said Jack Zhang, Co-founder and CEO of Airwallex.
"With the launch of Yield in the U.S., we are closing the gap in the market for a unified platform. We are giving U.S. businesses a seamless way to operate across currencies, while ensuring their working capital is actively generating value, not sitting in an idle account," Zhang said.
Platform context
Airwallex markets itself as a global financial platform for businesses. It said more than 200,000 companies use its products worldwide, ranging from startups to public companies. The firm also sells infrastructure that other businesses use to build financial products.
Airwallex was founded in Melbourne in 2015 and is co-headquartered in San Francisco and Singapore. It said it has more than 2,000 employees across 26 offices and holds 80 licences across North America, Europe, the Middle East and Asia-Pacific.
The US launch also puts Airwallex into a crowded market in which banks and fintechs compete for business deposits and operating balances. Higher interest rates in recent years have pushed more finance teams to focus on returns on idle cash, while weighing liquidity and the operational friction of moving money between accounts and providers.
Airwallex said it will continue to make Yield available through its platform for eligible US business customers, with the product centred on investments in the J.P. Morgan U.S. Government Money Market Fund.