Global payments and financial platform, Airwallex, has reported significant brand uplift following its first year of partnership with the McLaren Racing Formula 1 team.

The partnership, announced in February, has led to a notable increase in brand metrics for Airwallex, with the company's logo prominently displayed on the McLaren MCL38, the overalls of drivers Lando Norris and Oscar Piastri, and across other McLaren Racing official branded material.

A recent global brand study showed a 58% increase in perceived brand trust among respondents who associated Airwallex with McLaren Racing, and a 70% increase in the likelihood of considering Airwallex for payment needs. This partnership has not only boosted Airwallex's brand recognition but also significantly impacted McLaren Racing's financial operations.

"At McLaren, speed and innovation are essential to our success both on and off the track. Like all departments at McLaren, the finance team is mandated to look for marginal gains by consistently reviewing processes and using technology to optimise our business. By constantly monitoring spend and reporting back to the business, we can find new ways to free up funds to re-invest in our on-track efforts," said Chief Financial Officer at McLaren Racing, Laura Bowden.

Airwallex's end-to-end payment system has supported McLaren Racing's financial operations by replacing time-consuming processes with bespoke payment templates. This has enabled McLaren to save half a day per month in processing time for international payments.

"With over 300 brands - from fashion to cloud platforms - involved in Formula One in some capacity, the competition to stand out as a sponsor is steep. We are delighted to see ROI both in our brand lift and our impact on McLaren’s financial operations efficiency," said VP of Marketing at Airwallex, Jon Stona.

Founded in Melbourne in 2015, Airwallex is headquartered in Singapore and currently employs over 1,600 people. The company recently announced it had surpassed $100 billion in annual processing volume, up 73% year-on-year, and achieved an annual run rate revenue surpassing $500 million across all products. The partnership with McLaren Racing Formula 1 Team is Airwallex's first global sports partnership.