Airwallex, which describes itself as a global financial platform for modern businesses, acquired Leapfin, a financial data automation platform specialising in revenue recognition and reconciliation, the companies announced on 4 June.
DEAL AND PRODUCT INTENT
Airwallex said the acquisition would allow businesses to transition operational transaction data into GAAP-ready financials and would close the loop on the financial lifecycle, "from accepting payments to closing the books". The companies said they planned to introduce new product capabilities in the coming months, designed to help finance teams manage reconciliation, revenue recognition and record-to-report processes.
Airwallex said the deal would help businesses accelerate reconciliation, eliminate manual spreadsheets and automate revenue recognition logic at a global scale.
Airwallex chief executive and co-founder Jack Zhang said Leapfin had "solved a notoriously difficult engineering problem by turning messy transactional data into an auditable, single source of truth". Leapfin's core product, leadership and engineering teams will continue to operate to ensure customer continuity, the companies said.
Financial terms were not disclosed. Airwallex said it processes more than $266bn in annual transaction volume and serves more than 250,000 customers globally.