The British motor racing team, McLaren Racing has inked a multi-year partnership with Airwallex, a leading global payments and financial platform for modern businesses.
Following this deal, the brand has become the official partner of the McLaren F1 Team for the 2024 season and beyond.
Airwallex will supply McLaren with a variety of financial activities, comprising treasury administration, cross-border payments, and settlement services, enhancing the F1 team’s financial capabilities for all Grand Prix events during the racing season.
McLaren’s current payments network restricts payment to suppliers, such as hotel and event space providers, to a single currency account situated in the United Kingdom, leading in costly foreign exchange (FX) rates, long transfer times, and additional SWIFT fees.
Airwallex’s financial technology strives to provide McLaren with multi-currency payment methods, allowing the business to keep core currencies and exchange them quickly and easily at any point, decreasing the amount of SWIFT fees that can be incurred by leveraging Airwallex’s global proprietary payment rail network.
Zak Brown, CEO of McLaren Racing, said, “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.”
In addition to the product integration, Airwallex’s branding will be visibly shown on the McLaren MCL38’s halo, on overalls worn by drivers Lando Norris and Oscar Piastri, in addition to the pit crew, and on other official branded materials.
Jack Zhang, CEO and Co-Founder of Airwallex, said, “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.”