Airwallex, an Australia-founded fintech company, said on Friday that it has launched its “Yield” treasury product in the U.S., which allows business customers to move idle cash from their Airwallex accounts into a AAA-rated money market fund managed by J.P. Morgan Asset Management.
In a statement, the fund said it is a U.S. government money market fund and that the product is designed for U.S. dollar balances.
Airwallex said there are no minimum lock-up periods and that funds generally settle back into customers’ cash balances within about two business hours.
It said the U.S. launch follows a successful beta period in early January. The product has surpassed $1 billion in global assets under administration, it added.
Yield first debuted in Australia more than two years ago, Airwallex said. “With the launch of Yield in the U.S., we are closing the gap in the market for a unified platform,” Airwallex co-founder and CEO Jack Zhang said in the statement.
Founded in Melbourne in 2015, Airwallex is co-headquartered in San Francisco and Singapore.
Reuters
