Business payments outfit Airwallex is pitching itself directly against Stripe Billing through the acquisition of billing platform OpenPay. Financial terms of the deal were not disclosed.
San Francisco-based OpenPay offers subscription management, payment orchestration, and revenue analytics. The firm has developed automated features like smart payment routing, AI-driven retention tools, real-time insights, and subscription management for tiered, usage based, and flat fee models.
Airwallex, which was founded in Australia in 2015 and hit a $6.2 billion valuation on the back of a $300 million Series F funding round earlier this year, says that OpenPay boosts its position against the likes Stripe Billing and Recurly.
“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,” says Jack Zhang, CEO, Airwallex. “By bringing OpenPay’s subscription management, orchestration, and analytics capabilities into Airwallex, we’re creating the first truly global billing platform."