Airwallex, the fintech payments disruptor, is taking on Wall Street and the City of London with plans to acquire banking licenses in the US and UK.

Airwallex’s Banking License Move

What do you do after conquering Asia-Pacific and building a $5.6 billion valuation? If you’re Airwallex, you go shopping for banking licenses in two of the most heavily regulated markets in the world: the United States and the United Kingdom.

That’s right. The fast-rising fintech, known for offering cross-border payments, global accounts, and snappy fintech infrastructure, now reportedly wants to become a full-fledged bank—or something very close to it. Airwallex is reportedly preparing to file for banking licenses in both countries as it looks to scale its services, deepen its product suite, and challenge the old guard.

Because if you want to swim with the sharks, you might as well show up with a trident.

Why the Sudden Interest in Becoming a Bank?

Airwallex has spent the past few years building a reputation as an increasingly big part the behind-the-scenes infrastructure that powers global commerce. From helping businesses open foreign currency accounts to facilitating real-time payments across borders, it’s carved out a niche among international SMEs and tech-savvy firms.

But there’s only so far you can go without a banking license.

Right now, Airwallex operates under a patchwork of licenses and regulatory partnerships. That means it often has to rely on third-party banks to hold funds or issue cards. A banking license would cut out those middlemen, lower costs, and allow it to offer a broader range of services—like loans, savings, and fully regulated deposits—under its own name.

It’s the fintech version of taking the training wheels off. Riskier? Sure. But also a hell of a lot more interesting.

The US and UK: A Regulatory Double Black Diamond

Let’s be clear: getting a banking license in the US or the UK isn’t like opening a food truck. It’s more like trying to get into Oxford wearing Crocs.

The US is famously picky, with regulators like the Office of the Comptroller of the Currency (OCC) and the Federal Reserve scrutinizing everything from capital adequacy to executive haircuts. Meanwhile, the UK’s Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) are hardly a walk in the park.

Airwallex will need to show deep pockets, robust compliance systems, and a roadmap that doesn’t scream “Silicon Valley pipedream.” But if it pulls it off, the rewards are substantial. A US or UK license would give the company massive credibility—and a seat at the table.

Follow the (Global) Money

This potential move is less about regulatory masochism and more about global ambition. With a banking license in hand, Airwallex could truly go toe-to-toe with big banks, neobanks, and payment giants alike. Think business loans, treasury services, payroll processing, and full-stack financial platforms—all wrapped up in a sleek fintech bow.

While the company hasn’t publicly confirmed the license applications yet, the buzz is loud. This could well be part of a broader strategy to make Airwallex indispensable to businesses navigating an increasingly global economy.

It’s also possibly a strategic play ahead of a potential IPO—because nothing says “take us seriously” like the ability to hold deposits and issue credit.

Airwallex Adds the Israeli Shekel to Its Offerings

While Airwallex plots regulatory world domination, it’s also fine-tuning its product offering. Case in point: the fintech just added Israeli Shekels (ILS) to its multicurrency wallet. Businesses can now collect, hold, and convert ILS alongside 20+ other currencies.

Airwallex
Or Liban, VP, Middle East at Airwallex

“Enabling businesses to receive and hold funds in Israeli Shekels through our Global Accounts is a significant step in simplifying cross-border financial operations,” said Or Liban, VP, Middle East at Airwallex. “Israeli and international companies can now manage ILS transactions and their spend management more efficiently, thanks to Airwallex’s robust financial infrastructure, which ensures local collection and treasury with minimal friction.”

It might not grab headlines like a banking license, but it’s a big deal for companies operating in or trading with Israel. More currencies mean more flexibility, fewer conversion fees, and less reliance on traditional banks to do simple things like… get paid.

It’s also a sign that while Airwallex is dreaming big, it’s not forgetting the nuts and bolts that made it successful in the first place.

Final Thoughts: Betting on Banking

Airwallex’s pivot toward becoming a licensed bank is a gamble—but one that could pay off in spades. In a world where every company is trying to become a fintech and every fintech is trying to become a bank, this move feels both inevitable and bold.

If successful, it would catapult the company into an elite club of global financial institutions—and potentially redefine how cross-border business banking gets done.

Until then, keep your eyes on the license applications—and your wallets in multiple currencies. And in the meantime, keep an eye on our Fintech section.

Source: Finance Magnates