Airwallex, a global payments and financial platform for businesses, said it has acquired San Francisco-based billing platform OpenPay as it seeks to compete more directly with Stripe’s billing services.
The company did not disclose financial details of the acquisition but said it will enable it to introduce billing capabilities in the fourth quarter of 2025 for new and existing customers, competing directly with Stripe Billing.
The acquisition will integrate OpenPay’s subscription management, payment orchestration, and revenue analytics capabilities into Airwallex’s existing platform, creating what the company calls “the first truly global billing platform”.
“Most billing systems are locked in the past; they were never designed for a global, multi-currency world. That’s the gap we’re closing,” said Jack Zhang, co-founder and CEO of Airwallex.
The move comes as the global subscription economy is expected to exceed $1 trillion by 2030, driving increased demand for multi-currency billing solutions as businesses expand internationally, Airwallex said.
OpenPay’s platform offers automated features including smart payment routing, AI-driven customer retention tools, and subscription management for various pricing models, per the announcement.
The company has focused particularly on usage-based billing, which is gaining traction among AI companies and other businesses that charge based on consumption rather than fixed fees.
“We started OpenPay to solve the complexity of recurring revenue management. We envisioned a smarter, more intuitive platform that empowers subscription businesses to scale without barriers,” said Lance Co Ting Keh, CEO of OpenPay.
Airwallex, founded in Melbourne, serves over 150,000 businesses worldwide, including TikTok, Rippling, and Qantas. It offers multi-currency business accounts, payments, and spend management.
The acquisition comes about four months after Airwallex raised $300 million in a Series F funding round from several Australian investment firms, including Square Peg, Blackbird, and Airtree.
Airwallex tracked $720 million in annual revenues in March 2025, up 90% year-over-year, the firm claimed, adding that its customer base also ballooned 50% in 2024. The firm currently services 150,000 businesses worldwide.
With 23 offices across the world since its inception in 2015, the firm expects to hit $1 billion in annual run-rate revenue this year.
