Airwallex has acquired financial data automation company Leapfin, adding revenue recognition and reconciliation software to its product range.
The acquisition is intended to help customers move operational transaction data into financial reporting workflows, including GAAP-ready accounts. Leapfin's technology will support reconciliation, revenue recognition and broader record-to-report processes.
The deal extends Airwallex beyond payments and financial operations tools into accounting automation. Its infrastructure processes more than USD $266 billion in annual transaction volume and serves more than 250,000 customers globally, according to the company.
Leapfin focuses on turning operational and transactional data into standardised financial data for accounting teams. Its software is used to prepare GAAP- and IFRS-ready financials and automate tasks that would otherwise be handled through spreadsheets and manual processes.
According to Airwallex, the combination is aimed at finance teams managing multiple entities, currencies and fragmented data systems. Integrating Leapfin's revenue accounting expertise with Airwallex's infrastructure would create a broader offering across the financial lifecycle, it said.
Jack Zhang, Chief Executive Officer and Co-Founder of Airwallex, outlined the rationale for the acquisition in a statement.
"Finance teams today are managing unprecedented complexity, operating across multiple entities, currencies, and fragmented data systems," Zhang said. "Leapfin has solved a notoriously difficult engineering problem by turning messy transactional data into an auditable, single source of truth. Bringing Leapfin's powerful data engine and accounting AI agents into the Airwallex ecosystem allows us to close the loop on the entire financial lifecycle, from accepting payments to closing the books."
Leapfin's existing product, leadership and engineering teams will remain in place. Airwallex said this is intended to provide continuity for current customers while expanding the software within the wider group.
Leapfin has built its customer base among finance teams at businesses including Clio, GoodRx, Poshmark and Mozilla. Its software is designed for companies that need to reconcile large volumes of siloed operational data and align it with revenue accounting treatment.
Ray Lau, Chief Executive Officer and Co-Founder of Leapfin, said the deal would give the company access to a larger platform and more engineering resources.
"We started Leapfin to give finance teams a stronger foundation than disconnected legacy systems and manual workarounds," Lau said. "By joining forces with Airwallex, we have the backing of a global platform to accelerate our roadmap, scale our engineering resources, and deliver even greater value to the customers who trust us with their critical financial workflows."
Airwallex, founded in Melbourne, is co-headquartered in San Francisco and Singapore and employs more than 2,200 people across 26 offices. It says it holds more than 85 licences across North America, Europe, the Middle East and Asia-Pacific.
Accounting focus
The acquisition reflects a broader push by financial technology companies to move deeper into back-office finance functions, as businesses look to connect payments, transaction processing and accounting data in a single workflow. Revenue recognition and reconciliation have become key areas of investment as companies seek cleaner financial data and faster month-end closes.
Leapfin has positioned itself around that need, using automation to create a subledger from fragmented business data. The company says this structure supports accounting processes that require consistency, auditability and alignment with reporting standards.
Erik Yao, Chief Technology Officer and Co-Founder of Leapfin, said the quality of underlying data would be central to any use of artificial intelligence in finance systems.
"Reliable financial AI cannot run on a swamp of spreadsheets; it requires structured, clean, and immutable data," Yao said. "With our automated subledger and accounting AI agents, we look forward to deeper product collaboration with the Airwallex team to build the future of finance technology."