Why He Turned Down $1.2 Billion from Stripe to Build Airwallex (CEO & Founder Jack Zhang)

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In this episode, Jack, founder of Airwallex, shares his journey—from working odd jobs in Australia to leading a company that rejected a $1.2B acquisition offer from Stripe and now generates close to $900M in annual revenue. Jack reveals how Airwallex evolved through three distinct phases—from FX infrastructure to a comprehensive business banking platform—serving 150,000 customers globally. We discuss pivotal moments with investors, rapid scaling, and the challenges of global money movement. Jack also shares candid views on stablecoins, go-to-market strategies—including major brand partnerships like McLaren F1 and Arsenal—and dives into Airwallex's ambitious AI plans that aim to revolutionize finance. Tune in to hear about bold decisions, lessons from near-bankruptcy, and what's next for one of fintech’s fastest-growing companies.

Jack Zhang: linkedin.com/in/jack-zhang-05200222

00:00 - Why Airwallex turned down Stripe's $1.2B offer

00:37 - Jack’s journey: Odd jobs to founder

01:08 - Stablecoins and global money movement: Useless or gamechanger?

03:22 - Unlocking initial hypergrowth: Key customers and industries

05:20 - Pivoting product: What didn’t work and why

07:37 - Three phases of Airwallex’s growth

08:58 - Building a layered business banking platform

10:06 - From student magazines to diverse side businesses

13:37 - Lessons from early failures and successes

15:34 - Creating borderless financial infrastructure

16:56 - Are stablecoins really practical for payments?

19:18 - Scaling payments: Liquidity, costs, and geographies

21:36 - Airwallex today: Revenue and growth stats

22:23 - Market scope and expansion plans

24:18 - The million-dollar meeting: Raising capital

27:04 - Hardest fundraises and investor stories

29:28 - Go-to-market strategy: Brand and partnerships

33:25 - Investing in brand: The timing and payoff

34:24 - Founder visibility: Why Jack speaks out now

37:05 - Impact of storytelling on growth and hiring

38:32 - Life outside Airwallex: Hobbies & balance

38:44 - Expansion in the US: Offices and hiring plans

40:13 - Airwallex Copilot: AI agents for autonomous finance

41:42 - AI-powered products: The future of business ops

42:22 - Major product launches: Full-stack billing for AI companies

43:15 - Crossing $1B ARR: What’s next for Airwallex

44:13 - Airwallex Billing: Features, rollout, and free offer

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