Airwallex, a global payments and financial platform, has formed a multi-year collaboration with the McLaren Formula 1 team.

This partnership designates Airwallex as an Official Partner, where it will bolster McLaren’s financial activities worldwide through its treasury management as well as cross-border pay-outs and settlement product suite.

The collaboration will see McLaren utilising Airwallex’s services to improve its supply chain payments across the Formula 1 Grands Prix circuit.

Previously constrained to a single currency account based in the UK, McLaren faced challenges like high foreign exchange fees, slow transaction times, and additional charges.

Airwallex’s technology will enable multi-currency payment options for McLaren, streamlining transactions and reducing SWIFT fees through its global payment network.

Additionally, Airwallex will support the development and operation of McLaren’s digital partner merchandise platform, enhancing its multi-currency transaction capabilities and offering a wider array of payment methods.

As part of this partnership, Airwallex will gain visibility through branding placements on the McLaren MCL38 car’s halo, as well as on the racing suits of drivers Lando Norris and Oscar Piastri, including the pit crew’s gear and other official McLaren materials.

Formula 1 has a multi-market reach that rakes up a global viewership of 1.5 billion annually.

Zak Brown, CEO, McLaren Racing said,

“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.”

Jack Zhang, CEO and Co-Founder of Airwallex said,

“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.”

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• Source: https://fintechnews.sg/84645/payments/airwallex-revs-up-mclaren-f1s-global-payments-with-multi-year-partnership/