Payments fintech Airwallex has acquired a US billing platform for an undisclosed sum as it looks to expand its product offering to take on the likes of Stripe Billing and Recurly.
The terms of the deal to add San Francisco-based OpenPay – not to be confused with the failed former ASX-listed BNPL of the same name, which collapsed in 2023 – were not revealed.
The Californian fintech offers subscription management, payment orchestration, and revenue analytics and according to Airwallex CEO Jack Zhang, plugs a gap they’re chasing.
“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,” he said.
“By bringing OpenPay’s subscription management, orchestration, and analytics capabilities into Airwallex, we’re creating the first truly global billing platform. The OpenPay team brings deep technical strength and a shared conviction in our vision.”
OpenPay has automated features such as smart payment routing, AI-driven retention tools, real-time insights, and subscription management for tiered, usage based, and flat fee models.
Airwallex will offer built-in usage based billing that works across borders and currencies.
OpenPay CEO Lance Co Ting Keh, a serial entrepreneur and former Alphabet head of AI, who founded his latest startup in mid-2023, said they set out to solve the complexity of recurring revenue management.
“We envisioned a smarter, more intuitive platform that empowers subscription businesses to scale without barriers,” he said.
“In Airwallex, we found a partner who shares our vision, our DNA, and has the global reach to apply our work at scale. We are very proud of what we’ve built and excited for our next chapter.”
The billing capabilities OpenPay brings to the table are expected to roll out on Airwallex in the final quarter of 2025.
The global subscription economy is expected to surpass US$1 trillion by 2030.
In May, Airwallex raised $232 million in a Series F at a valuation close to $10 billion.
The business is now headquartered in Singapore.
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