Australian company scores McLaren Formula 1 partnership
Melbourne financial platform Airwallex has secured a multi-year partnership with McLaren Racing, to “modernise global payment operations and support the Formula 1 team”.
Aside from the Airwallex logo being sprayed across McLaren’s MCL38, Lando Norris’ and Oscar Piastri’s overalls, and other branded McLaren’s material from this season, the global payments and financial platform will take on McLaren’s treasury management, cross-border pay-outs, and settlement product suite.
The use of Airwallex will ensure that supply chain payments can be done in multiple currencies, avoiding the high foreign exchange charges, slow transfers, and additional SWIFT fees that their current system, based on a singular currency in the UK, charges.
Airwallex will also “provide technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform”.
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.”
Zak Brown, CEO of McLaren Racing, adds: “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.”
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