Stripe and Airwallex, Once Acquisition Targets, Now Fierce Rivals

The two fintech giants are now competing head-to-head as Airwallex expands globally and Stripe pushes into international markets.

Apr. 18, 2026 at 5:20am by

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A high-end, photorealistic studio still-life photograph featuring a stack of premium metal and glass business cards or payment cards, arranged elegantly on a clean, monochromatic seamless background, conceptually representing the abstract competition between Stripe and Airwallex in the fintech industry.As Stripe and Airwallex battle for dominance in the global payments landscape, the competition between these two fintech giants is heating up.San Francisco Today

Airwallex, a Melbourne-based fintech startup, was once close to being acquired by Stripe for $1.2 billion when it had just $2 million in annualized revenue. But Airwallex's co-founder Jack Zhang walked away from the deal, determined to build the company into a global financial infrastructure provider. Now, as Airwallex has grown to over $1.3 billion in annualized revenue and Stripe has expanded internationally, the two companies are increasingly competing for the same customers.

Why it matters

The rivalry between Stripe and Airwallex highlights the growing competition in the global payments and financial services space. As both companies vie for market share, it could lead to innovation, better products and services for customers, and potentially consolidation in the industry.

The details

Airwallex has spent years methodically building up its global financial licenses and infrastructure, a process that Zhang says has created barriers to entry for competitors. The company now holds close to 90 financial licenses across 50 markets, compared to Stripe's roughly half that number. This allows Airwallex to offer more comprehensive financial services, like holding funds within its own ecosystem. Meanwhile, Stripe has historically focused on developer-driven payment processing, but is now pushing deeper into international markets where Airwallex is already well-established, particularly with finance teams.

  • In 2018, Stripe offered to acquire Airwallex for $1.2 billion when the startup had around $2 million in annualized revenue.
  • Airwallex has grown to over $1.3 billion in annualized revenue and is growing at 85% year-over-year.
  • Stripe was valued at $159 billion in a February 2026 tender offer, up 74% from the prior year.

The players

Jack Zhang

The co-founder and CEO of Airwallex, who turned down Stripe's acquisition offer in 2018 to instead focus on building Airwallex into a global financial infrastructure provider.

Patrick Collison

The co-founder and CEO of Stripe, which is now competing with Airwallex as both companies expand into each other's territories.

Michael Moritz

A partner at Sequoia Capital, which was an early investor in Airwallex and remains one of the company's largest shareholders.

Greenoaks Capital

A venture capital firm that holds stakes in both Stripe and Airwallex.

Sequoia Capital China

The Chinese arm of Sequoia Capital that initially invested in Airwallex, before spinning out and rebranding as Hongshan.

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What they’re saying

“I really went deep on what motivates me to build Airwallex. I was three and a half years into the business. The business was growing 100 times in 2018. And I only just sort of tasted what it [was like] to be an entrepreneur. And that's what I'd been dreaming about.”

— Jack Zhang, Co-founder and CEO, Airwallex

“You can't really vibe-code an integration with Mexico's central bank. We have to have a secure room — you have to do a biometric scan just to walk in to access the central bank integration.”

— Jack Zhang, Co-founder and CEO, Airwallex

What’s next

Airwallex is planning an IPO in the next 3-5 years, which could force the company's valuation gap with Stripe into the open.

The takeaway

The rivalry between Stripe and Airwallex highlights the intense competition in the global payments and financial services industry. As both companies expand into each other's territories, it will be a battle of infrastructure, brand, and customer acquisition that could reshape the landscape of the fintech sector.