Airwallex, the global payments and financial platform for modern businesses, has launched a new programme committing one per cent of its equity, currently worth $56million, to support innovation and entrepreneurship.
Airwallex joins a group of global tech leaders, including Atlassian, Canva, Airbnb, and Salesforce, by taking a one per cent pledge, committing to donating one per cent of employee time, profits and products to support the innovation community.
Beginning in 2025, all of Airwallex’s 1,600 employees will commit three days per year to volunteering. Volunteers will focus two of these days on Airwallex Impact initiatives, and can dedicate the final day to any not-for-profit organisation the employees choose.
“As Airwallex enters its 10th year as a business, the time is right to build on our community initiatives to date and commit to an enduring impact program,” explained Jack Zhang, co-founder and CEO of Airwallex. “Purpose is at the core of Airwallex’s mission – we exist to help businesses thrive, and this work is a natural extension of our dedication to innovation and economic development in the countries where we operate.”
Pledge 1% was co-founded by Scott Farquhar, who said: “We founded Pledge 1% in 2015 to encourage companies to bake philanthropy into their DNA. I appreciate the model Jack and team are setting up to apply the social impact lens to the breadth of their business, to serve as a catalyst for innovation and entrepreneurship and to empower Airwallex employees to be part of the movement.”
Airwallex will set aside one per cent of its stock, currently valued at $56million, and the value of the pledge will grow alongside the company – also enabling this commitment to act as a seed for a growing endowment toward social impact.
Making a positive global impact
The move adds to previous philanthropic gifts, including a AU$3million donation to the University of Melbourne, which has funded scholarships for 43 students so far– 40 per cent of whom identify as female and 56 per cent of whom are international students.
Airwallex also funded an AU$150,000 donation for financial assistance for an additional 65 students to support the non-tuition-related costs of attending school. These students have become part of the Airwallex community in many ways, having interned at and received formal mentorship from the Airwallex team, which has committed over 400 hours to mentorship since the programme began two years ago.
“Airwallex’s equity commitment is critical as it will tie company success to long-term philanthropic engagement and impact. As Airwallex grows, so will its funding and its ability to affect change,” added Pledge 1% CEO Amy Lesnick.
Airwallex’s new Impact programme will provide a suite of resources to the innovation community through Airwallex employee mentor programmes, the Airwallex for Startups programme and product discounts for select nonprofit organisations across the spectrum of public benefit programs.
The Airwallex for Startups programme launched in September 2023, and is now live in Australia, Singapore and Hong Kong, with a planned launch in New Zealand in the near future. So far, over 2,000 startups have joined the programme.
