McLaren Racing optimises its financial procedures with Airwallex’s payment technology

Global payments and financial platform for businesses Airwallex has uncovered how its cross-border payments technology augmented McLaren Racing’s financial processes across the 2024 Formula 1 season.

Following the announcement of a multi-year partnership from the beginning of February 2024, Airwallex now revealed how its global financial technology supported McLaren Racing’s financial operations throughout the Formula 1 season. When the two companies first decided to work together and Airwallex became an official partner of the sports brand, the financial firm was set to assist McLaren’s worldwide financial operations via its treasury management and cross-border pay-outs, launching a digital merchandise platform and settlement product suite.

Airwallex’s payment technology simplifies McLaren Racing’s financial procedures

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Airwallex and McLaren’s partnership outcome

Before deciding to team up with Airwallex, McLaren Racing’s international payments run was made out of 30 payments conducted one at a time, which was significantly inefficient and time-consuming. By leveraging the financial firm’s solutions, the sports brand was able to make payments via a tailored approval process and execute a batch payout leveraging a template. In addition, Airwallex focused on accelerating transfer speeds for McLaren’s finance team, as well as minimising fees when paying international suppliers in USD.

By utilising Airwallex’s end-to-end payment system, McLaren Racing benefits from competitively priced foreign exchange (FX) rates and transfers funds via an extensive local payout network. Also, the sports brand can pay each international vendor in their local currency while decreasing transfer times.

Moreover, having its global headquarters in Singapore, Airwallex marked the Singaporean Grand Prix on 22 September 2024 by revealing a 3D perception shift sculpture of McLaren F2 driver Lando Norris, with the artwork symbolising the role that perception plays in driving success.

McLaren Racing’s partnership with Mastercard

Just a few months after joining forces with Airwallex, McLaren Racing partnered with Mastercard, allowing the latter to become a sponsor of the McLaren Formula 1 team. The deal supported both Mastercard and McLaren in their commitments to growth and offering augmented experiences to individuals. Additionally, via the Mastercard Priceless Experiences, the firm focused on providing cardholders with access to sports and entertainment properties, with the alliance being set to enable the financial services company to extend its presence into Formula 1 and the McLaren Racing team.

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