Efficiency on and off the Track: McLaren and Airwallex Partnership
In Formula 1, where every millisecond counts and innovation is the game’s name, efficiency extends far beyond the racetrack. McLaren Racing, one of the sport’s most iconic brands, understands this all too well. That’s why they’ve teamed up with Airwallex, a leading global payments and financial platform for modern businesses, in a groundbreaking multi-year partnership that promises to revolutionise the financial operations of McLaren’s Formula 1 team.
The announcement of this partnership was met with great excitement, as it marks a significant milestone for both McLaren Racing and Airwallex. Under this agreement, Airwallex becomes an Official Partner of the McLaren Formula 1 Team, with a commitment extending through the 2024 season and beyond. The collaboration will see Airwallex playing a pivotal role in modernising McLaren’s global financial operations, and it will also support the launch of McLaren’s digital partner merchandise platform, taking its multi-currency collection capabilities to new heights.
The Financial Challenge
Formula 1 is a sport that spans the globe, with races held in 24 cities and a staggering global viewership of 1.5 billion annually. Like all Formula 1 teams, McLaren Racing faces a unique financial challenge due to its international reach. Traditionally, the team’s payment infrastructure limited transactions to a singular currency account based in the UK, resulting in high foreign exchange (FX) charges, slow transfer times, and additional SWIFT fees when dealing with international suppliers, such as hotel and event space providers.
Airwallex to the Rescue
Airwallex’s innovative financial technology is set to be a game-changer for McLaren Racing. By partnering with Airwallex, McLaren will gain access to a treasury management and cross-border pay-outs and settlement product suite that will allow them to unlock multi-currency payment options. This means McLaren can hold core currencies and exchange them with speed and ease at any point while significantly reducing the SWIFT fees associated with international transactions. This financial agility will undoubtedly contribute to McLaren’s efficiency and performance, both on and off the track.
A Visible Partnership
We’re now an Official Partner of the @McLarenF1, Formula 1 team. 🏎️
United by our passion for engineering, speed, and precision, Airwallex and McLaren Racing are joining forces on and off the track.
One of the most exciting aspects of this partnership is the visibility it brings to Airwallex. The company’s logo will prominently feature on the halo of the McLaren MCL38, as well as on the overalls of McLaren Formula 1 drivers Lando Norris and Oscar Piastri, including the pit crew. This level of exposure in a globally televised sport like Formula 1 is a testament to the importance and significance of this partnership.
Global Ambitions Aligned
Airwallex’s partnership with McLaren Racing aligns perfectly with their global ambitions. They aspire to be the financial platform of choice for innovative businesses worldwide, and teaming up with a prestigious brand like McLaren undoubtedly puts them on the fast track to achieving that goal.
McLaren and Airwallex Bright Future Ahead
In conclusion, the collaboration betweenAirwallex and McLaren Racing is not just a sponsorship deal but a strategic partnership that promises to reshape the financial landscape of Formula 1. It demonstrates the power of innovation and the importance of efficiency in the competitive world of motorsport. As we look forward to the 2024 season and beyond, one thing is clear: Airwallex and McLaren Racing drive towards a future where financial operations are as finely tuned as the Formula 1 machines they support.
