Airwallex US Expansion: Stripe Rival Once Almost Sold for $1.2B Now Fights

Airwallex US expansion is accelerating as the Stripe rival launches physical POS terminals. The Silicon Review reports on how a startup that once almost sold for $1.2B is now chasing the fintech giant on its home turf.

Airwallex, the Australian fintech unicorn that was once close to being acquired by Stripe for $1.2 billion, is now aggressively expanding its presence in the United States directly challenging the payments giant on its home turf.

The company, valued at $8.5 billion, has spent the past year building out its US infrastructure, including launching physical point-of-sale terminals for in-person payments, a product category Stripe has dominated for years. Airwallex US expansion now includes teams in San Francisco, New York and Seattle, with plans to double its American headcount by the end of 2026.

"We were once the startup that could have been part of Stripe," said Jack Zhang, Airwallex co-founder and CEO. "Now we are the one coming after them. The US is the biggest payments market in the world. You cannot be a global leader without winning here."

The rivalry has deep roots. In 2021, Stripe held advanced acquisition talks with Airwallex, then valued at approximately $4 billion. The deal fell apart over valuation and strategic differences, according to multiple sources familiar with the discussions. Since then, Airwallex has doubled its valuation and expanded into 25 markets globally, processing more than $100 billion in annualized transaction volume.

Airwallex strategy focuses on small and medium-sized businesses that operate across borders. Unlike Stripe, which charges separate fees for international transactions, Airwallex offers a unified pricing model that includes foreign exchange at interbank rates with no markup. The company also offers multi-currency business accounts, allowing US merchants to hold balances in 20 different currencies.

"We are not trying to be everything to everyone," Zhang said. "We are building for the businesses that think globally from day one. That is a massive underserved market, and Stripe has not prioritized it."

Airwallex revenue grew 85% year-over-year in 2025, though the company remains unprofitable as it invests in expansion. Stripe, by contrast, reported profitability in 2024 and 2025, with revenue exceeding $18 billion.

The company recently hired former Stripe executive Sarah Miller as its US head of sales and has opened a 30,000-square-foot office in San Francisco's Financial District less than two miles from Stripe's headquarters .

As Airwallex expansion accelerates and the Stripe rival launches physical POS terminals on American soil, The Silicon Review examines how a startup that once almost sold for $1.2 billion is now fighting for its life against the fintech giant and whether the challenger can win on the payments leader's home field.

About the Author

Sashindra Suresh is an experienced writer specializing in artificial intelligence, software development, and emerging technologies. With a strong ability to translate complex technical concepts into clear, engaging insights, she has contributed to a wide range of publications and platforms. Her work focuses on making cutting-edge innovations accessible to both industry professionals and curious readers alike.