Business payments company Airwallex is positioning itself directly against Stripe Billing with the acquisition of billing platform OpenPay. The financial terms of the deal have not been disclosed.
OpenPay, based in San Francisco, offers subscription management, payment orchestration, and revenue analytics. The platform features automated capabilities such as smart payment routing, AI-driven retention tools, real-time insights, and subscription management for various models, including tiered, usage-based, and flat fee structures.
Founded in Australia in 2015, Airwallex achieved a valuation of $6.2 billion following a $300 million Series F funding round earlier this year. The company asserts that acquiring OpenPay enhances its competitive stance against Stripe Billing and Recurly.
Jack Zhang, CEO of Airwallex, stated, “Most billing systems are locked in the past; they were never designed for a global, multi-currency world. That’s the gap we’re closing. By integrating OpenPay’s subscription management, orchestration, and analytics capabilities into Airwallex, we’re creating the first truly global billing platform.”