HockeyStick
Airwallex
Partnership Revenue Intelligence · Board Pack
Partnership
Strategy.
Prepared by HockeyStick Advisory for Airwallex · The culmination of the workshop, the opportunity mapping pass, and the business-alignment build. Ready for executive sign-off and the board.
Strictly Private & Confidential · © 2026 Hockey Stick Advisory Pty Ltd · ABN 60 659 210 894 · Prepared for the Airwallex executive sponsor and the board. Do not redistribute without written approval.
June 2026
Board pack v1
21 pages
Board pack · Agenda
· Prepared for Airwallex executive sponsor
Agenda · six sections.
From the executive introductions through the bottoms-up business case to the 30-60-90 day plan and locked next steps. Every page sourced from a specific Sam, Alex or Riley deliverable — cited in the footer for traceability.
Sam · 4 pages Alex · 6 pages Riley · 13 pages HockeyStick · 10 pages
01
Introductions
Sponsors · HockeyStick team
02
Mission
Mission statement · Revenue gap
03
Partner Strategy
Maturity · Readiness · Strategy · Categories · ICPs · Map
04
Business Case
GTM channels · Bottoms-up model
05
Crawl, Walk, Run
Objectives · 6 recommendations · Phase bands
06
30-60-90 Day Plan
Detailed plan · Timeline · Sign-off
×
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Section 01
01
Introductions.
Board pack · Airwallex · June 2026
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Section 02
02
Mission.
Board pack · Airwallex · June 2026
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02 · Mission
· Mission · FY26
Mission
To empower customers to achieve frictionless cross-border payments at scale by leveraging Airwallex's global financial platform and our partners' enterprise ERP integration, banking-as-a-service distribution, and compliance automation capabilities, leading to increased ARR and NRR for Airwallex.
— Airwallex Partnership Mission · FY26
×
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02 · Mission
· Revenue Gap · FY26
What's possible through partnerships?
The HockeyStick Revenue Gap calculator sizes the partner-attributable revenue currently on the table — the delta between the industry benchmark partner-sourced share and Airwallex's current contribution.
Partner-attributable revenue · FY26
$13.5M
If Airwallex partner maturity contributed at the industry benchmark of 30% of sourced revenue, partners could deliver $13.5M of the FY26 new-business target.
Today · 22%
Target · 30%
Source · Crossbeam top-Q
FY25 actual · partner-sourced
$9.9M
22% of $45M new ARR. Concentrated in ANZ Technology + Channel.
FY26 benchmark · 30%
$13.5M
Crossbeam top-quartile · same-stage SaaS · 4-region benchmark.
Closeable gap · FY26 (uplift)
+$3.6M
Uplift if Airwallex hits 30% partner-sourced. The 6 recommendations in Section 05 unlock this.
Calculator inputs · client.revenue_target_aud · sam_d14_revenue_attribution · cohort benchmark · all read-only in Riley
×
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Section 03
03
Partner Strategy.
Board pack · Airwallex · June 2026
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03 · Partner Strategy
· Sam D3 · Ecosystem Maturity Report
Ecosystem Maturity · Diagnostic Findings
Airwallex is Developing on the partnership ecosystem maturity scale.
Composite 2.1 / 5.0 · benchmark 4.0 for Late-Stage / Pre-IPO programmes (−1.9). Align-phase work will compound.
Composite
2.1
/ 5.0
Classification
Developing
1.5 – 2.5 band
Radar · 7 dimensions × benchmark
Strategy GTM Coverage Exec Revenue Attr Product Ops Infra
Airwallex
Benchmark
Score by dimension · sorted worst-first
Dimension
Score
Benchmark
Delta
Revenue Attribution
Sourced + influenced tracking
1.4
4.0
-2.6
Operational Infrastructure
PRM · CRM · RevOps · enablement
1.8
4.3
-2.5
Ecosystem Coverage
Partner base breadth + activation
2.2
4.4
-2.2
GTM Integration
Partners in the sales motion
2.4
4.0
-1.6
Executive Commitment
Sponsor · reporting line · budget
2.6
4.2
-1.6
Product & Integration
API · integrations · marketplace
2.7
4.3
-1.6
Partnership Strategy Maturity
Documented strategy + motion
3.1
4.3
-1.2
×
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03 · Partner Strategy
· Sam D4 · Partnership Readiness Diagnostic
67%
Readiness
Partnership Readiness · Diagnostic
Airwallex is Amber across 3 of 7 readiness categories.
1 Red 3 Amber 3 Green 9 blockers to resolve
Activation timeline
6-12 weeks
Foundation sound. Resolve Amber blockers and begin partner activation.
People
2.5
/ 5.0
Team headcount + structure + RevOps + sponsor seniority.
Amber
2 blockers
Process
4.1
/ 5.0
Repeatable mechanics + documentation.
Green
0 blockers
Programs
3.8
/ 5.0
Formal partner-program structure.
Green
1 blocker
Technology
1.6
/ 5.0
Systems + accessibility. CRM/PRM thin.
Red
3 blockers
Data
2.8
/ 5.0
Partner activity tracking systems.
Amber
2 blockers
Budget
2.4
/ 5.0
Partnership funding protocol.
Amber
1 blocker
Exec buy-in
4.5
/ 5.0
Senior leadership ownership.
Green
0 blockers
×
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03 · Partner Strategy
· Riley R1 · Strategy Pyramid + Cohort analysis
Vision · Play · Win · Capabilities · Systems.
Airwallex's partnership strategy on one page, with hard-sourced cohort evidence on the impact of partner-influenced deals.
01
What is our winning aspiration?
Become the global standard cross-border payments platform, building a category-defining partner ecosystem that delivers 22% of new ARR by T+180 and 34% by Year 2 — anchored on hyperscaler co-sell, Tier-1 GSI delivery, and embedded ISVs.
Source · Revenue plan + partnerships gap (Jo intake + Riley R4)
02
Where will we play?
Primary: ANZ + NAM enterprise cross-border payments through Hyperscaler co-sell (Microsoft, AWS) and Tier-1 GSI delivery (Accenture, Deloitte, PwC). Secondary: embedded ISV motion across vertical SaaS (healthtech, edtech, marketplaces).
Source · Sam D7 · Top 3 priority categories
03
How will we win?
Integrator-first GTM with named partner managers reporting into Revenue. Software-led differentiation through native integrations and a procurement-ready pricing track. Fast POCs anchored on activation. Outcome bias: partner-influenced ARR plus joint reference logos every quarter.
Source · Alex A9 · What We Want From Partners
04
What capabilities must we have?
Named Head of Partnerships reporting into the CRO. Dedicated RevOps embed for partner attribution + scorecard cadence. Certification programme for Sales + Partner Managers. C-Suite executive sponsor on the fortnightly partnership review.
Source · Sam D4 · People · Process · Programs · Exec Buy-In
05
What management systems do we need?
CRM with partner-attribution fields + workflows. PRM (Crossbeam / PartnerStack) for deal registration + pipeline visibility. Centralised collateral hub for sales, technical, and marketing materials. Quarterly MDF envelope sized to the top 3 categories.
Source · Sam D4 · Technology · Data · Budget
Cohort analysis
Deals with vs without partners
With
Without
Win rate
42%
28%
Avg deal size
$145K
$88K
WAUs (90-day)
1,840
1,120
NRR (FY)
118%
102%
Headline
Partner-touched deals close at +50% rate, run at +65% ACV, and retain at +16pp NRR.
Source · Sam D14 + industry benchmark. Hard-sourced · read-only.
×
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03 · Partner Strategy
· Alex A3 · Partnership Category Opportunities
Where to focus · three priority categories.
Ranked by ARR upside × conversion benchmark × activation feasibility. Top 3 carry the load; the long tail compounds in FY27.
1
Priority 01 · ISVs
Technology · ISVs
Native integrations + enterprise SaaS stacks. Lead partners: Microsoft, Salesforce, Workday, ServiceNow.
ARR upside
$5.4M
Conversion
26%
Effort
Medium
TTF deal
3-4 mo
2
Priority 02 · Hyperscalers
Strategic · Hyperscalers
Marketplace co-sell + private offers. Procurement 12 → 2 weeks. Lead partners: AWS, Microsoft, SAP, Oracle.
ARR upside
$4.1M
Conversion
30%
Effort
High
TTF deal
6-9 mo
3
Priority 03 · GSIs
Channel · GSIs
Tier-1 GSI muscle. Boardroom credibility. Lead partners: Accenture, Deloitte, PwC, KPMG.
ARR upside
$3.0M
Conversion
22%
Effort
High
TTF deal
4-6 mo
Long tail · 5 categories · $4.2M ARR potential
Activated in FY27
Referral · $0.9M · 48% conv · <1 mo
Reseller · $1.2M · 26% conv · 3-4 mo
Affiliate · $0.4M · 18% conv · <1 mo
Marketplace · $1.1M · 41% conv · 1-2 mo
OEM / Embedded · $0.6M · 36% conv · 6-12 mo
×
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03 · Partner Strategy
· Alex A4 · Customer Journey × Partner Types × Executive Lens
Partners across the customer journey.
5-stage buyer journey · partner types in row 1 · KPIs that move in the centre band · executive owners in row 3. Activation is the focus stage for FY26.
Stage 01
Awareness
Lead source
Stage 02
Consideration
Conversion driver
Focus
Stage 03
Activation
Conversion + adoption
Stage 04
Expansion
Retention + growth
Stage 05
Retention
Retain + advocate
Partner types
Affiliate
Strategic
Referral
Stage 01
KPIs that move
  • Vol. prospects reached
  • Prospect → MQL conv.
  • Time Prospect → MQL
CMO
Partner types
Technology
Strategic
Referral
Stage 02
KPIs that move
  • Vol. MQLs
  • MQL → SQL conv.
  • Time MQL → SQL
CMO
CRO
Partner types
Technology
Marketplace
Channel
Stage 03
KPIs that move
  • Vol. SQL / SAL
  • SQL → SAL conv.
  • SAL → Closed-won
  • Won → Onboarded
  • Time Won → Onboarded
CRO
CEO
CPO
Partner types
Strategic
Technology
OEM
Stage 04
KPIs that move
  • Vol. onboarded accts
  • Onboard → ROI conv.
  • Time Onboarded → ROI
CPO
CCO
Partner types
Referral
OEM
Channel
Stage 05
KPIs that move
  • Vol. ROI-achieved accts
  • ROI → Renewal conv.
  • Time ROI → Renewal
CCO
×
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03 · Partner Strategy
· Mapping Partners to Customer Journey · 3 ICPs
Mapping partners to customer needs.
Three priority ICPs · top customer needs matched to partner value-adds and the partner type that delivers each.
ICP 1 · Enterprise Treasury
Series-D+ multi-national finance ops
GDV $5.3MActivations 38
Multi-region treasury
Microsoft Power Platform partners consolidate treasury across AU/US/UK/EU subsidiaries.
FX hedging at scale
Workday + ServiceNow surface live FX exposure to CFO dashboards.
Compliance + audit
Big-4 GSIs (Deloitte, PwC) deliver audit-ready compliance evidence.
Enterprise ERP integration
SAP / Oracle / NetSuite partners cut time-to-value 12 → 3 weeks.
Embedded payments
Vertical-SaaS ISVs embed Airwallex into healthtech / edtech / marketplaces.
Lead partners · Microsoft · SAP · Deloitte
ICP 2 · E-commerce Sellers
High-growth cross-border merchants
GDV $4.1MActivations 312
Cross-border payouts
Shopify + WooCommerce app-store ISVs ship Airwallex as the payout rail.
Multi-currency wallets
Stripe Connect + Adyen MarketPay recommend Airwallex for wallet + FX.
KYC + onboarding
Sumsub / Onfido pre-integrate compliance — onboarding 5 days → 5 min.
Reseller distribution
Regional VARs (Insight, Softchoice, CDW) deliver to mid-market sellers.
Affiliate tracking
Creator-economy partners track payouts inside native dashboards.
Lead partners · Shopify · Stripe · Insight
ICP 3 · Embedded Finance ISVs
Vertical SaaS embedding payments
GDV $3.1MActivations 171
Embedded payments
Vertical SaaS ISVs embed Airwallex as the payments + payouts layer.
Multi-tenant funds mgmt
AWS / GCP deliver the regulated cloud + ledger infrastructure.
Compliance wrapper
RegTech + KYB partners ship the white-label compliance wrapper.
Developer experience
DevRel partners accelerate integration time 16 → 4 weeks.
Joint co-sell
AWS Marketplace + Microsoft Co-Sell programs surface joint pipeline.
Lead partners · AWS · Microsoft · Sumsub
×
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03 · Partner Strategy
· Alex A5 · Selected partner types
We want to focus on these partner types.
Six partner archetypes carry the partner-attributable revenue in the bottoms-up FY26 model. Each card names the lead partners we will sign and activate in Q1/Q2.
Technology · ISVs
Integration Software Vendors
Native integrations into enterprise SaaS stacks. Compound through procurement velocity. The largest single-category contribution to FY26 GDV.
Lead partners · Q1/Q2 activation
MicrosoftSalesforceWorkdayServiceNow
Strategic · Hyperscalers
Hyperscaler Alliances
Marketplace co-sell + private offers + AI-native joint motion. Procurement compression from 12 weeks to 2 weeks. Reference architecture credibility.
Lead partners · Q1/Q2 activation
AWSMicrosoftSAPOracle
Channel · GSIs
Tier-1 Global Systems Integrators
Implementation + change-management muscle. Boardroom credibility on signature. Unblock the international enterprise deals Airwallex cannot service direct.
Lead partners · Q1/Q2 activation
AccentureDeloittePwCKPMG
Reseller
Regional Distributors + VARs
Regional SMB capacity outside ANZ. Margin-led activation. Volume-driven motion for the mid-market e-commerce ICP.
Lead partners · Q1/Q2 activation
InsightSoftchoiceCDW
Affiliate / Referral
Industry referrers + advocates
Advisory and audit firms drive consistent default-tool inbound when referral attribution is in place. The lowest-effort, fastest-activating motion.
Lead partners · Q1/Q2 activation
Industry educatorsBrand ambassadorsFinance consultancies
OEM · Solution Partners
Embedded solution partners
Embedded Airwallex motion compounds without sales-team load. Long contracts. Highest LTV per partner once activated.
Lead partners · Q1/Q2 activation
ShopifyVertical SaaS ISVsMarketplace OEMs
×
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03 · Partner Strategy
· Alex A2 · Ecosystem Prioritisation Map
Partnership focus · three priority categories.
Radial ecosystem canvas — 36 named partners across 8 categories. Priority categories (Technology, Strategic, Channel) inherited from Sam's Ecosystem Worksheet, highlighted in HockeyStick dark green.
Ecosystem prioritisation map
Technology · ISVs
Priority 01
Native integrations + enterprise SaaS stacks. Compounds with NPS & word-of-mouth.
Microsoft Salesforce Workday ServiceNow Slack
Strategic · Hyperscalers
Priority 02
Marketplace co-sell + private offers. Procurement 12 → 2 weeks. Boardroom credibility.
Microsoft AWS SAP Oracle
Channel · GSIs
Priority 03
Tier-1 GSI muscle. Boardroom credibility. Joint enterprise plays across resources, healthcare, consumer.
Accenture Deloitte PwC KPMG EY
Activation sequence
Q1: Microsoft + AWS · Q2: Salesforce, ServiceNow, Workday · Q3+: GSI tier rolls · FY27: Marketplace volume + ERP deepening.
×
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Section 04
04
Business Case.
Board pack · Airwallex · June 2026
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04 · Business Case
· Riley R2 · 2026 GTM Channels
2026 GTM Channels · funnel target per growth lever.
Leads, trials, and revenue mix targets across four channels. Partner-led is the compounding lever once activated — and the one that closes the $13.5M gap.
Product-led growth
Self-serve trials convert to small-team purchases. Compounds with NPS and word-of-mouth.
Leads12.0k
% Trials18%
% Revenue10%
Self-serve · Bottoms-up · WOM
Marketing led
Content, paid, and events fill the sales pipeline with qualified opportunities.
Leads8.0k
% Trials35%
% Revenue20%
Content · Paid · Events · ABM
Sales led · outbound
Direct outbound into named enterprise accounts. Vertical-led campaigns.
Leads1.5k
% Trials22%
% Revenue40%
Outbound · ABM · Vertical
Partner led ★
Partners source and deliver. The compounding lever once activated. Targets the Crossbeam top-Q benchmark.
Leads3.5k
% Trials25%
% Revenue30%
ISVs · Hyperscalers · GSIs
Revenue mix · 100% · FY26 target
10%
20%
40%
30% ★
PLG · self-serve
Marketing · paid + content
Sales · outbound + ABM
Partner · ISV · Hyperscaler · GSI ★
PLG · sub-categories
Self-serve trials · Bottoms-up team adoption · Word of mouth
Marketing · sub-categories
Content & SEO · Paid acquisition · Events & ABM
Sales · sub-categories
Enterprise outbound · Mid-market SDR · Account expansion
Partner · sub-categories
Technology · ISVs · Strategic · Hyperscalers · Channel · GSIs
×
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04 · Business Case
· Riley R4 · Bottoms-Up Partnership Model
North Star · Partnership revenue · FY26
$12.5M gross deal value
521 client activations · 86.4 active partners · HSA revenue $1.9M
APAC
$4.8M
38%
EMEA
$1.9M
15%
Americas
$4.6M
37%
Emerging
$1.2M
10%
Partners targeted (FY)
143
Funnel start across all categories
Active partners
86.4
× Activation conv % (avg 60%)
Client activations
521
× Clients/partner/yr (avg 6)
Gross deal value
$12.5M
HSA take 15% = $1.9M
#1 Strategic
$3.5M
28% · 98 acts
#2 Tech
$2.7M
22% · 112 acts
#3 Channel
$2.4M
19% · 82 acts
#4 OEM
$1.4M
11% · 37 acts
#5 Reseller
$1.0M
8% · 71 acts
#6 Mktplace
$0.8M
6% · 52 acts
#7 Referral
$0.5M
4% · 48 acts
#8 Affiliate
$0.2M
2% · 21 acts
Top 3 categories
$8.6M
292 clients · 69%
+
Remaining 5
$3.9M
229 clients · 31%
=
North Star
$12.5M
521 clients · 100%
×
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Section 05
05
Crawl, Walk,
Run Strategy.
Board pack · Airwallex · June 2026
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05 · Crawl, Walk, Run Strategy
· 6 Recommendations · Crawl Walk Run
Each recommendation comes with benefits, BUT requires action from Airwallex to execute successfully.
Primary Objective
Enable partnerships as a strategic asset · retain ~$5.2M TAR by close of FY28.
Secondary Objective
Harness Solution + Service Partners for enterprise delivery gaps.
01
Effort · HighROI · High
Redefine Partner Program · Solution & Service Partners
Review, revise, pilot 5 partners in Q2 (Microsoft, AWS, Accenture, Deloitte, ServiceNow). Document processes + build programmatic capabilities.
Impact
+$1.1M ARR · 20% attach H2
02
Effort · HighROI · High
Reconfigure Internal KPIs & X-Functional Success Metrics
Align Sales, Marketing, CS comp + KPIs around partner-supported growth. Pilot in Q2; full rollout H2.
Impact
Removes AE comp blocker · 20% attach H2
03
Effort · MedROI · High
Calibrate Partner Recruitment vs Activation Focus
Review coverage · score with 4-C ICP · commence recruitment in Q2 to ramp into H2. Reconciles 9% top-down vs bottoms-up variance.
Impact
20% partner attach in H2
04
Effort · HighROI · Med
Partner Enablement · Marketing, Incentives, Milestones
$200K MDF to co-fund APAC partners H2 FY26. Marketing assets + 5-partner pilot. Enablement structure + processes.
Impact
5× MDF return · $1.0M ARR
05
Effort · MedROI · Med
Build Global Partner Delivery Playbook
Assess regional models · deliver business recommendations · ship adjustable playbook to suit regional nuances outside APAC.
Impact
+1.5% GDR uplift by FY28
06
Effort · MedROI · High ★
Activate Partner-Sourced + Partner-Influenced Growth
Incentives, enablement + partner marketing to co-sell with and through partners. Closes the $3.6M revenue gap.
Impact
22% → 30% partner-sourced · FY27
×
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06 · 30-60-90 Day Plan
· 30-60-90 + Key Areas of Focus timeline
The exact steps to make this partner program a success.
Days 1-15
Priya · Partnerships
Orientation
  • Meet stakeholders + sponsors
  • Review partnerships + metrics
  • Product immersion + positioning
  • Map partners · ICP scoring
Days 16-35
Alex · CRO
Vision + Strategy
  • Competitive partnership analysis
  • SWOT + partner segmentation
  • Define objectives aligned to co.
  • Lock 12/24-month targets
Days 36-60
Sam · RevOps
Strategic Planning
  • Top 5 quick-win activations
  • 6 + 12-month partnership roadmap
  • Internal + external comms plan
  • Align Sales/Mktg/CS on KPIs
Days 61-90
Priya · Partnerships
Execute + Optimise
  • Roll out quick wins · top 5 partners
  • Performance measurement + optim.
  • Quarterly review cadence (QBR)
  • Education + training for the team
Key Areas of Focus · Timeline · 24 months
Q1
Q2
Q3
Q4 · FY26
Q1 FY27
Q2 FY27
H2 FY27
FY28
WS-01 ★ Function
Reco 01 · 02
JD signed
WS-02 ★ Top 12 partners
Reco 02 · 03
Top 12 named · Q2 wave
WS-03 ★ Exec alignment
Reco 02
Sponsor wkshp
QBR · target lock
WS-04 CRM/PRM + attrib
Reco 04
ARR reconcile
CRM/PRM live · attribution
WS-06 Mktg + journey
Reco 04
10 motions ranked · 5 piloted
WS-07 Public launch
Reco 06
Programme launch
Global playbook
Reco 05
Playbook v1 · ANZ → EMEA → AMER
WS-08 ★ Bottoms-up + CWR
Reco 06
Model live
30%+ sourced
High priority
Medium priority
Low priority
★ = starred · Key Areas of Focus
×
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