Airwallex is expanding into revenue recognition and reconciliation with its acquisition of Leapfin.
The acquisition will add Leapfin’s financial data automation technology to Airwallex’s platform.
The companies plan to introduce new product capabilities in the coming months to help finance teams manage reconciliation, revenue recognition and record-to-report processes.
Leapfin’s platform helps companies organise transaction data from different systems for accounting and reporting.
Airwallex plans to use the technology to support businesses operating across multiple entities, currencies and data systems.
Airwallex CEO and Co-founder Jack Zhang said,
“Leapfin has solved a notoriously difficult engineering problem by turning messy transactional data into an auditable, single source of truth.
Bringing Leapfin’s powerful data engine and accounting AI agents into the Airwallex ecosystem allows us to close the loop on the entire financial lifecycle, from accepting payments to closing the books.”
Airwallex processes more than US$266 billion in annual transaction volume and serves over 250,000 customers globally.
Leapfin CEO and Co-founder Ray Lau said,
“We started Leapfin to give finance teams a stronger foundation than disconnected legacy systems and manual workarounds.
By joining forces with Airwallex, we have the backing of a global platform to accelerate our roadmap, scale our engineering resources, and deliver even greater value to the customers who trust us with their critical financial workflows.”
Leapfin’s core product, leadership and engineering teams will continue operating following the acquisition to support existing customers.
Featured image: Edited by Fintech News Singapore, based on image by watercolor_vect via Magnific
