Singapore – McLaren Racing has announced it has signed a multi-year partnership deal with global payments and financial platform Airwallex to modernise their global financial operations and support their iconic sport’s brand, the Formula 1 team.
In this partnership, Airwallex will support McLaren’s global financial operations through its treasury management, cross-border pay-outs, and settlement product suite.
McLaren’s existing payment infrastructure limits payments to suppliers to a single currency account based in the UK, resulting in high foreign exchange (FX) charges, slow transfers, and additional SWIFT fees.
Its new partnership with Airwallex is expected to optimise its supply chain payments for all Grand Prix. McLaren will have access to Airwallex’s financial technology that can unlock multi-currency payment options, providing the company the ability to hold core currencies and exchange them faster and with ease at any point, reducing the amount of SWIFT fees that may be payable by leveraging Airwallex’s extensive global proprietary payment rail network.
Airwallex will also support the launch and ongoing operation of McLaren’s digital partner merchandise platform, providing the technology needed to further boost their multi-currency collection capabilities and allowing them to offer a broad range of global and local payment options.
Additionally, aside from its product integration, the McLaren Formula 1 team has also signed Airwallex as its partner. The fintech company’s logo will be prominently displayed on the halo of the McLaren MCL38, on driver Lando Norris’ and Oscar Piastri’s overalls, including the pit crew, as well as across other McLaren official-branded material through the 2024 season and beyond.
With its multi-market reach and huge global annual viewership, Airwallex’s partnership with McLaren Formula 1 Team is also expected to help the fintech company in its growth trajectory as it continues to scale globally. The partnership aligns with Airwallex’s global ambitions to be the financial platform of choice for innovative businesses across the world.
Zak Brown, CEO of 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.”
Meanwhile, Jack Zhang, CEO and co-founder of Airwallex, also shared, “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.”
