Airwallex appoints board as ADI licence bid nears after USD $300 million funding

Airwallex has appointed a new board for Airwallex SVF Pty Ltd as it advances in its application for an Authorised Deposit-taking Institution (ADI) licence in Australia.

The board consists of Shannon Scott, Senior Vice President Global Head of Product at Airwallex, as Executive Director; Kelly Bayer Rosmarin as Non-executive Director; Sangeeta Venkatesan as Board Chair and Independent Non-executive Director; Michael Venter FCA as Independent Non-executive Director; and Andrew Palmer as Independent Non-executive Director.

The recent changes come as Airwallex SVF Pty Ltd progresses through the final stages of applying for an ADI licence that will permit the issuance of purchased payment facilities (PPF), subject to the Australian Prudential Regulation Authority (APRA). This regulatory milestone is part of the company's broader strategy following a USD $300 million Series F funding round that valued the company at USD $6.2 billion.

Shannon Scott leads Airwallex's global product strategy and has been instrumental in the company's international growth since joining in 2020. Her prior experience includes serving as General Manager for ANZ at Palantir. She said, "I am delighted to welcome our new board of directors for Airwallex SVF Pty Ltd. As we celebrate our 10th year, we're committed to driving innovation, enhancing customer experiences and fostering sustainable growth across all markets we serve. Their expertise will bring valuable insights and knowledge to Airwallex as we redefine global finance."

Kelly Bayer Rosmarin joins as Non-executive Director, bringing substantial experience from prior roles as Chief Executive Officer at Optus and executive leadership positions at Commonwealth Bank. Her appointment aims to strengthen the company's strategic guidance and governance, as well as its operations in financial and technology sectors. Bayer Rosmarin has also been named a strategic adviser to the wider Airwallex Group.

Sangeeta Venkatesan will serve as Board Chair and Independent Non-executive Director. Venkatesan holds several board positions, including at Mercer Investments, RSL LifeCare (where she is also Chair), SW Accountants, and Chief Executive Women. Her expertise spans governance, operational management, investment banking, and digital customer engagement, attributes she brings to her new responsibilities at Airwallex SVF Pty Ltd.

Michael Venter FCA takes on the role of Independent Non-executive Director and Chair of the Risk & Audit Committees. Venter has accumulated significant experience in banking, wealth management, and telecommunications across Australia and emerging markets in Asia. He is currently Chief Financial Officer at Optus.

Andrew Palmer joins as Independent Non-executive Director and will chair the Remuneration Committee. Palmer is presently a Portfolio Manager with MHC Digital Finance and has previously held executive positions at ANZ and JP Morgan. His background includes launching and managing financial ventures in fast-evolving markets.

Airwallex reported that it has now raised more than USD $1 billion in total financing. Its most recent funding round attracted investment from Square Peg, DST Global, Lone Pine Capital, Blackbird, Airtree, Salesforce Ventures, Hostplus, NGS Super, and Visa Ventures, among others.

The newly constituted board is expected to guide Airwallex SVF Pty Ltd as it works towards regulatory approval from APRA and advances its service capabilities within the Australian financial sector. The company stated the board members were selected for their collective governance, operational, financial, and commercial expertise.