Melbourne-based fintech firm Airwallex has announced a multi-year partnership with McLaren Racing, becoming an Official Partner of the McLaren Formula 1 Team for the 2024 season and beyond.

The partnership aims to celebrate innovation and shared Melbourne roots between Airwallex and McLaren driver Oscar Piastri.

Airwallex's platform will support McLaren's financial operations and deliver efficiencies in multi-currency transactions, helping the team scale globally. The Airwallex branding will be featured on the halo of the McLaren MCL38 and the overalls of McLaren Formula Drivers Lando Norris and Oscar Piastri for the 2024 season.

McLaren will utilise Airwallex to optimise its supply chain payments for all Grands Prix, overcoming limitations of its existing payments infrastructure that result in high foreign exchange charges, slow transfer times, and additional SWIFT fees. Airwallex's financial technology will provide McLaren with multi-currency payment options, allowing the company to hold core currencies and exchange them quickly and easily, while reducing SWIFT fees by leveraging Airwallex's global proprietary payment rail network.

Airwallex will also provide technology to support the launch and ongoing operation of McLaren’s digital partner merchandise platform, enhancing their multi-currency collection capabilities and offering a broad range of global and local payment options.

Formula 1 has a global viewership of 1.5 billion annually, and races are held in 24 cities. Airwallex's partnership with McLaren aligns with its global ambitions to be the financial platform of choice for innovative businesses worldwide.

"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," McLaren Racing CEO, Zak Brown, said.

CEO and Co-Founder of Airwallex, Jack Zhang, also expressed his excitement about the partnership.

"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," he said.