In a substantial move for global financial technology, Airwallex has announced the acquisition of OpenPay, a San Francisco-based billing platform known for its subscription management and revenue analytics prowess. This step aims to bolster Airwallex's billing services and analytics capabilities on an international scale, setting up a direct competition with players like Stripe Billing and Recurly.
Lance Co Ting Keh, CEO of OpenPay, described the union with Airwallex as the beginning of a smarter, more intuitive platform. "We started OpenPay to solve the complexity of recurring revenue management," he told the company blog, noting the importance of empowering subscription businesses to scale without barriers. OpenPay has rapidly achieved milestones, scaling to seven figures in ARR and nine figures in payment volume since its inception.
The acquisition is not just about expansion but also about innovation. OpenPay's platform includes features like AI-driven retention tools and smart payment routing, which are important for businesses with usage-based billing models, such as those in AI or other consumption-led industries. In his LinkedIn post, Co Ting Keh highlighted the shared mission with Airwallex and the potential for a redefined global payment stack that optimizes transactions for success rate, churn, and retention.
For existing OpenPay merchants, the impact of this acquisition is promised to be minimal with the assurance of continued service as usual. Down the line, customers will purportedly benefit from expanded market coverage and improved payment processing as part of the Airwallex network. Jack Zhang, co-founder and CEO of Airwallex, envisions this as the creation of the first global billing platform well-suited for multi-currency and international operations, according to an announcement in the company's newsroom. Financial terms of the deal are currently under wraps.
Co Ting Keh extended his gratitude to the OpenPay team on LinkedIn for their dedication and support, acknowledging their instrumental role in reaching this significant milestone for the company.
