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
33 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
×
HockeyStick · Board pack template · Agenda
02 of 33
Section 01
01
Introductions.
HockeyStick · Partnership Revenue Intelligence · Airwallex · June 2026
01 · Introductions
· Airwallex executive sponsor
The team executing this partnership programme.
Five Airwallex executive sponsors set the direction and unblock at the executive level. Four HockeyStick consultants are responsible for the engagement output and the cadence over the next 90 days.
Airwallex · Executive sponsors
AC
Alex Chen
Chief Revenue Officer · Executive sponsor
PS
Priya Singh
Head of Partnerships · Day-to-day programme owner
SW
Sam Wright
RevOps lead · Attribution + CRM/PRM owner
ML
Marcus Lee
Head of Engineering · Integration partner gating
JP
Jess Patel
Head of Marketing · Co-marketing + partner enablement
HockeyStick · Engagement team
BW
Bryan Williams
Lead Consultant · Engagement principal
MT
Matt Thompson
Partnerships Strategist · Day-to-day owner
SA
Sarah Akingbade
RevOps Architect · CRM + attribution build
DK
David Kim
Industry Research · Benchmark corpus
Cadence
Fortnightly review with sponsor · Monthly programme review · Quarterly board update.
×
Source · HockeyStick · Engagement team configuration
04 of 33
Section 02
02
Mission.
HockeyStick · Partnership Revenue Intelligence · Airwallex · June 2026
02 · Mission
· Mission statement · FY26
Mission · FY26
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.
The mission flows from the winning aspiration captured in Riley R1 (Strategy Pyramid · Row 01) and is reconciled against Jo intake field client.businessOutcomes. Editable per engagement; LLM-prefilled on first generation.
Pulls from
Riley R1 · Strategy Pyramid · Row 01
"What is our winning aspiration?"
Become the global standard payments platform for cross-border commerce, building a category-defining partner ecosystem that delivers 22% of new ARR by T+180 and 34% by Year 2.
Template tokens
{businessOutcomes}
From Jo intake
{product}
From Jo intake
{partnerCapabilities[]}
From Sam D7 top-3
{client.name}
From Jo intake
×
Source · Riley R1 · Aspiration row · LLM-composed mission
06 of 33
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
×
Source · Command Centre · Revenue Gap calculator
07 of 33
Section 03
03
Partner Strategy.
HockeyStick · Partnership Revenue Intelligence · Airwallex · June 2026
03 · Partner Strategy
· Sam D3 · Ecosystem Maturity Report
Ecosystem Maturity · Diagnostic Findings
Airwallex is Developing on the partnership ecosystem maturity scale.
Strategy and motion are forming. Composite score is 2.1 / 5.0 against an HSA corpus benchmark of 4.0 / 5.0 for Late-Stage / Pre-IPO programmes (-1.9 vs benchmark). Align-phase work will compound.
Composite score
2.1
/ 5.0
Classification
Developing
1.5 – 2.5 band · 5-band scale
Radar · 7 dimensions × benchmark
Strategy GTM Integration Ecosystem Coverage Exec Commitment Revenue Attribution Product & Integration Ops Infrastructure
Airwallex
HSA corpus benchmark
Score by dimension · sorted by gap to benchmark (worst first)
Dimension
Score
Benchmark
Delta
Revenue Attribution
Sourced/influenced tracking · forecast trust
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 embedded in sales motion
2.4
4.0
-1.6
Executive Commitment
Sponsor · reporting line · budget
2.6
4.2
-1.6
Product & Integration
Public API · integrations · marketplace
2.7
4.3
-1.6
Partnership Strategy Maturity
Documented strategy + motion catalogue
3.1
4.3
-1.2
×
Source · Sam D3 · Ecosystem Maturity Report · Composite + radar + per-dimension
09 of 33
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
×
Source · Sam D4 · Partnership Readiness · 7-pillar RAG scorecard
10 of 33
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.
×
Source · Riley R1 · Strategy Pyramid + Cohort analysis (Sam D14)
11 of 33
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 into enterprise SaaS stacks. Compound through procurement velocity. Lead partners: Microsoft Power Platform, Salesforce, Workday, ServiceNow.
ARR upside
$5.4M
Conversion
26%
Activation effort
Medium
Time to first deal
3-4 mo
Microsoft Salesforce Workday ServiceNow
2
Priority 02 · Hyperscalers
Strategic · Hyperscalers
Marketplace co-sell + AI-native joint motion. Private offers + co-sell programs compress procurement from 12 weeks to 2 weeks. Lead partners: AWS, Microsoft, SAP, Oracle.
ARR upside
$4.1M
Conversion
30%
Activation effort
High
Time to first deal
6-9 mo
AWS Microsoft SAP Oracle
3
Priority 03 · GSIs
Channel · GSIs
Tier-1 GSI implementation muscle. Boardroom credibility on signature. International enterprise deals Airwallex cannot service direct. Lead partners: Accenture, Deloitte, PwC, KPMG.
ARR upside
$3.0M
Conversion
22%
Activation effort
High
Time to first deal
4-6 mo
Accenture Deloitte PwC KPMG
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
×
Source · Alex A3 · Partnership Category Opportunities · ranked + sized
12 of 33
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
×
Source · Alex A4 · Customer Journey Map with Partner Types · Executive Lens
13 of 33
03 · Partner Strategy
· Alex A5 · Mapping Partners to Customer Journey · ICP 1 of 3
Customer needs · matched to partner value-adds.
For the highest-priority ICP, five customer needs map directly to partner value-adds. Each value-add ships through a specific partner type already named in the prioritisation map.
Customer need · 01
Multi-region treasury management
Partner value-add
Microsoft Power Platform partners deliver consolidated treasury workflows across AU, US, UK and EU subsidiaries — a single pane of glass for 8+ subsidiary entities.
Technology · ISVs
Customer need · 02
FX hedging at scale
Partner value-add
Workday Financials + ServiceNow workflow partners surface real-time FX exposure to CFO dashboards. Trigger automated hedging at policy thresholds.
Technology · ISVs
Customer need · 03
Compliance + audit automation
Partner value-add
Big-4 GSI partners (Deloitte, PwC) deliver audit-ready compliance evidence for ASX 200 finance functions — pre-built control libraries on Airwallex.
Channel · GSIs
Customer need · 04
Enterprise ERP integration
Partner value-add
SAP, Oracle, NetSuite integration partners reduce time-to-value from 12 weeks to 3 weeks. Certified connectors + reference architectures.
Strategic · Hyperscalers
Customer need · 05
Embedded payments infrastructure
Partner value-add
Vertical-SaaS ISVs embed Airwallex into healthtech, edtech and marketplace platforms — payment + payout rails accessible inside the partner UX.
Technology · ISVs
ICP 1 of 3 · Enterprise Treasury
Series-D+ multi-national finance operations
ASX 200 / FTSE 250 / Fortune 1000 finance org. Revenue $500M+. Multi-currency operations across 5+ regions. Treasury team of 8+ FTE. Existing ERP + bespoke FX policy.
$500M+ revenue
Multi-region
Treasury 8+
ANZ · NAM · EMEA
Bottoms-up · FY26
ICP 1 carries 42% of Airwallex's gross deal value target across the four FY26 regions. Lead partner: Microsoft (Year-1 commitment).
GDV
$5.3M
Activations
38
×
Source · Alex A5 · Mapping Partners to Customer Journey · ICP 1 · Enterprise Treasury
14 of 33
03 · Partner Strategy
· Alex A5 · Mapping Partners to Customer Journey · ICP 2 of 3
Customer needs · matched to partner value-adds.
Mid-market cross-border merchants. Five customer needs matched to the partner ecosystem most likely to service them at scale.
Customer need · 01
Cross-border seller payouts
Partner value-add
Shopify + WooCommerce app-store ISVs integrate Airwallex as the preferred cross-border payout rail — installed in <15 min by SMB sellers.
Technology · ISVs
Customer need · 02
Multi-currency wallet management
Partner value-add
PSP + acquirer partners (Stripe Connect, Adyen MarketPay) recommend Airwallex for the multi-currency wallet + FX conversion layer.
Strategic · Hyperscalers
Customer need · 03
KYC + onboarding compliance
Partner value-add
RegTech ISVs (Sumsub, Onfido) ship pre-integrated compliance workflows on top of Airwallex Accounts. Onboarding from 5 days to 5 min.
Technology · ISVs
Customer need · 04
Reseller programme infrastructure
Partner value-add
Regional VARs (Insight, Softchoice, CDW) deliver Airwallex into mid-market e-commerce sellers across SEA + EMEA. Reseller margin 22-28%.
Reseller
Customer need · 05
Affiliate revenue tracking
Partner value-add
Affiliate + creator-economy partners track Airwallex payouts inside their native dashboards. Tax compliance pre-baked for 1099/W8 markets.
Affiliate
ICP 2 of 3 · E-commerce Sellers
High-growth cross-border merchants
$5M–$200M GMV. Multi-marketplace operations (Shopify, Amazon, Etsy, vertical marketplaces). Cross-border SKUs across 3+ regions.
$5M–$200M GMV
Multi-marketplace
3+ regions
SMB · mid-market
Bottoms-up · FY26
ICP 2 carries 33% of gross deal value. Volume-led; activates via Shopify app-store + reseller channel. Lead partner: Shopify Apps.
GDV
$4.1M
Activations
312
×
Source · Alex A5 · Mapping Partners to Customer Journey · ICP 2 · E-commerce Sellers
15 of 33
03 · Partner Strategy
· Alex A5 · Mapping Partners to Customer Journey · ICP 3 of 3
Customer needs · matched to partner value-adds.
Embedded-finance ISVs. The compounding ICP — every served partner end-customer becomes Airwallex volume without sales-team load.
Customer need · 01
Embedded payments at scale
Partner value-add
Vertical SaaS ISVs embed Airwallex as the payments + payouts layer inside their core product. White-label, with revenue share to the ISV.
OEM · Embedded
Customer need · 02
Multi-tenant funds management
Partner value-add
Hyperscaler partners (AWS, GCP) deliver the regulated cloud + ledger infrastructure for embedded use cases at platform scale.
Strategic · Hyperscalers
Customer need · 03
White-label compliance wrapper
Partner value-add
RegTech + KYB partners deliver the white-label compliance wrapper that ISV end-customers see, with Airwallex underneath. Brand-safe for the ISV.
Technology · ISVs
Customer need · 04
Developer experience
Partner value-add
Developer-relations partners + integration consultancies accelerate ISV time-to-integration from 16 weeks to 4. SDKs, sample apps, training.
Channel · GSIs
Customer need · 05
Joint co-sell pipeline
Partner value-add
Hyperscaler co-sell programs (AWS Marketplace, Microsoft Co-Sell) surface joint opportunities directly into Airwallex pipeline.
Strategic · Hyperscalers
ICP 3 of 3 · Embedded Finance ISVs
Vertical SaaS embedding payments
Series B–D vertical SaaS. Healthtech, edtech, marketplaces, B2B SaaS. Monetising payments today OR planning to in next 12 months.
Series B–D
Vertical SaaS
Embedded finance
$10M+ ARR
Bottoms-up · FY26
ICP 3 is the compounding lever. 25% of FY26 GDV but the underlying motion grows 3× into FY27. Lead partner: AWS.
GDV
$3.1M
Activations
171
×
Source · Alex A5 · Mapping Partners to Customer Journey · ICP 3 · Embedded Finance ISVs
16 of 35
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
×
Source · Alex A5 · Selected partner types for FY26 focus
17 of 35
03 · Partner Strategy
· Alex A2 · Ecosystem Prioritisation Map
Partnership focus · where the partners sit.
Y-axis: strategic fit · X-axis: revenue potential · bubble size: activation feasibility. Year-1 commitments in emerald; Year-2 strategic partners in forest.
High fit · High potential
▲ priority
High fit · Lower potential
Lower fit · High potential
Long tail
Microsoft
AWS
Salesforce
ServiceNow
Workday
SAP
Oracle
Stripe
Accenture
Deloitte
PwC
KPMG
Insight
Softchoice
CDW
Year-1 commitments · 5 partners
Top-right quadrant. High strategic fit + high revenue potential. Lead partners across Technology + Strategic categories.
Microsoft AWS Salesforce ServiceNow Workday
FY27 strategic partners · 7 partners
Activate from Q3 onwards. GSIs unblock international enterprise expansion; high-fit ERP partners deepen ICP-1 motion.
Accenture Deloitte PwC KPMG SAP Oracle Stripe Connect
Long tail · regional resellers
Activate volume-led through regional VARs (Insight, Softchoice, CDW). Lower fit but compounding margin contribution.
Activation sequence
Q1: Microsoft, AWS · Q2: Salesforce, ServiceNow, Workday · Q3+: GSIs roll · FY27: Reseller volume + ERP deepening.
×
Source · Alex A2 · Ecosystem Prioritisation Map · Year-1 + FY27 sequencing
18 of 35
Section 04
04
Business Case.
HockeyStick · Partnership Revenue Intelligence · Airwallex · June 2026
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
×
Source · Riley R2 · Partnership GTM Channels · funnel + revenue mix
20 of 35
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% · 198 clients
EMEA
$1.9M
15% · 80 clients
Americas
$4.6M
37% · 193 clients
Emerging
$1.2M
10% · 50 clients
Partners targeted (FY)
143
Funnel start across all categories
Active partners
86.4
Partners × Activation conv % (avg 60%)
Client activations
521
Active × Clients/partner/yr (avg 6)
Gross deal value
$12.5M
HSA take 15% = $1.9M
28% of gross#1 · Strategic
Strategic / Alliance
Activations
98
Gross
$3.5M
22% of gross#2 · Technology
Integration / Tech
Activations
112
Gross
$2.7M
19% of gross#3 · Channel
Channel (narrow)
Activations
82
Gross
$2.4M
11% of gross#4 · OEM
OEM / Embedded
Activations
37
Gross
$1.4M
8% of gross#5 · Reseller
Reseller
Activations
71
Gross
$1.0M
6% of gross#6 · Marketplace
Marketplace
Activations
52
Gross
$0.8M
4% of gross#7 · Referral
Referral
Activations
48
Gross
$0.5M
2% of gross#8 · Affiliate
Affiliate
Activations
21
Gross
$0.2M
Top 3 categories
$8.6M
292 clients · 69%
+
Remaining 5
$3.9M
229 clients · 31%
=
North Star
$12.5M
521 clients · 100%
×
Source · Riley R4 · Bottoms-Up Partnership Model · 8 cats × 4 regions · monthly cadence
21 of 35
Section 05
05
Crawl, Walk,
Run Strategy.
HockeyStick · Partnership Revenue Intelligence · Airwallex · June 2026
05 · Crawl, Walk, Run Strategy
· Riley R8 · Objectives
Each recommendation requires action from Airwallex to execute.
Six recommendations across people, process and technology turn the partner programme on. Sponsored by the CRO, owned by the Head of Partnerships, measured against the bottoms-up model.
Each recommendation comes with benefits, BUT requires action from Airwallex to execute successfully. Together they shift Airwallex from 2.1 / 5 on the ecosystem maturity scale to 3.6 / 5 by close of FY27.
Primary Objective
Enable partnerships as a strategic asset to improve GDR — increase partner attach, retaining ~$5.2M of TAR by close of FY28.
Anchored to the bottoms-up partnership model. Year-1 target 30% partner-sourced of new ARR. Year-2 target 34%. CRO-sponsored. Reviewed at every board meeting.
Owner · Alex Chen, CROMeasure · % partner-sourced of new ARR
Secondary Objective
Harness Solution & Service Partners for Enterprise Delivery Gaps.
Tier-1 GSI capacity unblocks regional enterprise deals Airwallex cannot service direct in EMEA and Americas. Targets 20% partner attach in H2 FY26, 25% by H2 FY27 across non-ANZ regions.
Owner · Priya Singh, Head of PartnershipsMeasure · % partner-delivered in EMEA + Americas
×
Source · Riley R8 · Objectives synthesis · R1 aspiration + R4 partnership revenue target
23 of 35
05 · Crawl, Walk, Run Strategy
· Riley R8 · Recommendation 01 · WS-01
01
Effort · HighROI · HighQ1 · 90 days
Redefine Partner Program for Solution & Service Partners.
Adjust H2 GTM to include 25% partner attach with service and solution partners. Airwallex needs an attractive partner value proposition to retain, attract and enable partners alongside the team to improve GDR.
Steps to achieve
  1. Review, revise and update the partner program — value prop, tiers, comp model. Pulls from Alex A11 (What We Can Offer Partners).
  2. Pilot co-selling with 5 key partners in Q2. Named partners: Microsoft, AWS, Accenture, Deloitte, ServiceNow.
  3. Document processes + build programmatic capabilities. Partner onboarding playbook, enablement kit, deal-registration workflow.
Business impact
Deliver 20% partner attach in H2.
Unlocks $1.1M of incremental partner-sourced ARR against the bottoms-up FY26 model. T+90 day milestone.
"35% of partners seek incentives paid for activities across the customer lifecycle."
Source · Canalys 2024 Partner Survey
×
Source · Riley R8 · Recommendation 01 · WS-01 · Stand up the partnerships function
24 of 35
05 · Crawl, Walk, Run Strategy
· Riley R8 · Recommendation 02 · WS-02
02
Effort · HighROI · HighQ1/Q2 · 180 days
Reconfigure Internal KPIs & X-Functional Success Metrics.
Align teams and metrics around partner-supported growth across Sales, Marketing and Customer Success. KPIs drive desired behaviours to enable the transformation and deliver business impact.
Steps to achieve
  1. Design partner-related KPIs + comp plan across Sales, Marketing and Customer Success for H2 FY26.
  2. Pilot initiatives in Q2 with 3 sales pods + the marketing co-fund team. Test AE neutrality + co-marketing MQL credit.
  3. Seek company endorsement + exec buy-in for H2 rollout. CRO sign-off · CFO comp plan approval · CCO retention KPI.
Business impact
Deliver 20% partner attach in H2.
Removes the AE comp neutrality blocker flagged in Sam D4 Process pillar. Unlocks consistent partner-attach behaviour in the sales motion.
"Shopify highlighted the critical need for KPI-driven programs, AE/partner alignment, co-sell incentives."
Source · Shopify interview · July 2025
×
Source · Riley R8 · Recommendation 02 · WS-02 · Activate top 12 priority partners
25 of 35
05 · Crawl, Walk, Run Strategy
· Riley R8 · Recommendation 03 · WS-03
03
Effort · MedROI · HighQ1/Q2 · 180 days
Calibrate Partner Recruitment vs Activation Focus.
Optimise partner enablement to support GTM execution. Ensure the balance between recruitment and partner activation is aligned to hit north-star targets of partner attach against revenue.
Steps to achieve
  1. Review partner coverage of currently engaged partners. Map to ICPs and partner-led GDV targets.
  2. Assess partners by capability, commitment and capacity using the 4-C ICP scoring framework (Alex A_ICP).
  3. Commence partner recruitment in Q2 to ramp into H2. Target the 18 partners gap to hit FY26 modelled bottoms-up.
Business impact
Deliver 20% partner attach in H2.
Reconciles the 9% variance between top-down and bottoms-up partner-sourced ARR (Riley R3 reconciliation gap).
"80% of companies have an increased focus on partnerships."
Source · The State of Partnership Leaders 2024
×
Source · Riley R8 · Recommendation 03 · WS-03 · Lock executive alignment + targets
26 of 35
05 · Crawl, Walk, Run Strategy
· Riley R8 · Recommendation 04 · WS-04
04
Effort · HighROI · MedH2 · 6 months
Partner Enablement · Marketing, Incentives & Milestones.
Enable partners earlier into the customer journey to drive more value and reduce churn. Enable partners with capabilities and assets to accelerate partner attach earlier in the customer journey.
Steps to achieve
  1. Create a $200K MDF to co-fund APAC partners for co-delivery for H2 FY26. CFO sign-off; allocation by partner-tier.
  2. Deliver marketing assets to support pilot with 5 × partners. Joint webinars, case studies, lead-share workflows.
  3. Develop clear partner enablement structure + processes. Onboarding playbook, certification track, quarterly content refresh.
Business impact
Co-support 20 × partners into targeted APAC accounts.
MDF returns at 5× in first-year partner-sourced ARR ($1.0M). Programme compounds via the marketing flywheel.
"88% of orgs seeking partnership enablement & marketing, 75% of orgs generating leads for partners via co-marketing."
Source · The State of Partnership Leaders 2024
×
Source · Riley R8 · Recommendation 04 · WS-04 · CRM/PRM + attribution wiring
27 of 35
05 · Crawl, Walk, Run Strategy
· Riley R8 · Recommendation 05 · WS-05
05
Effort · MedROI · MedFY27 · ramping
Build Global Partner Delivery Playbook.
Standardise best-practice delivery across teams and regions outside APAC to enable and elevate partner ecosystem maturity. Assess partner operating models across regions.
Steps to achieve
  1. Assess regional partner delivery models against APAC initiatives and the evolving approach.
  2. Deliver business recommendations on how to partner per region, and what's required for success.
  3. Deliver adjustable playbook to suit regional nuances. Modular by region, with the APAC playbook as the canonical reference.
Business impact
Lift GDR +1.5% by FY28.
Unlocks EMEA + Americas enterprise pipeline Airwallex cannot service direct. Compounds into FY28 north star.
"50% of orgs expect to grow their partnership teams."
Source · The State of Partnership Leaders 2024
×
Source · Riley R8 · Recommendation 05 · WS-05 · Partner VP + expectations
28 of 35
05 · Crawl, Walk, Run Strategy
· Riley R8 · Recommendation 06 · WS-08
06
Effort · MedROI · HighFY26 · compounding
Activate Partner-Sourced + Partner-Influenced Growth.
Develop capabilities and incentives of Service and Solution partners to enable partner-sourced leads. Unlock partner-led revenue streams by empowering partners to drive and influence new business.
Steps to achieve
  1. Provide suitable incentives for vetted partners to source and/or deliver vetted leads into new business.
  2. Provide enablement, resourcing and incentives to accelerate the partner sales motion.
  3. Deliver partner marketing to co-sell with and through partners. Targeted vertical campaigns aligned to top-12 partners.
Business impact
22% → 30% partner-sourced by FY27.
The compounding metric that turns the programme on. Closes the $3.6M revenue gap identified on page 07.
"If Airwallex partner maturity contributed at industry benchmark of 30% of sourced revenue, partners could have delivered $13.5M of the FY25 revenue."
Source · Command Centre Revenue Gap · Riley R4
×
Source · Riley R8 · Recommendation 06 · WS-08 · Bottoms-up + Crawl/Walk/Run cadence
29 of 35
05 · Crawl, Walk, Run Strategy
· Riley R6 · Phase bands · FY26 → FY28
Phasing the path forward · Crawl → Walk → Run.
FY26 lays the foundation (no-regrets capability build). FY27 delivers ecosystem impact. FY28 scales the programme to ecosystem-as-distribution.
FY26 · Crawl
No Regrets Activity
Build the underlying capabilities. Stand up the partnerships function, lock the executive alignment, ship the bottoms-up model. T-0 to T+12 months.
  • Partnerships function standing with named owner into CRO
  • Top 12 priority partners activated across Q1/Q2
  • 4-C ICP scoring migrated across all recommended partners
  • Bottoms-up partnership model published (8 cats × 4 regions)
  • $200K MDF deployed to APAC partners
Target · 20% partner-sourced of new ARR
FY27 · Walk ★
Delivering Ecosystem Impact
Partner motion compounds. Wire CRM/PRM with attribution. Public partner programme launches. Hit 25% partner-sourced of new ARR. T+12 to T+24 months.
  • CRM/PRM live with attribution fields + workflows
  • Public partner programme launched (page + portal + sales kit)
  • Partner Marketing programme live (10 motions, ranked)
  • Global Partner Delivery Playbook · APAC + EMEA + Americas
  • 25% partner-sourced of new ARR · T+12mo
Target · 25% partner-sourced · +1.5% GDR uplift
FY28 · Run
Scale + Measurement
Programme operates as ecosystem-as-distribution. 30%+ partner-sourced of new ARR. International expansion playbook in market. T+24 to T+36 months.
  • 30%+ partner-sourced of new ARR · benchmark hit
  • Strategic alliances at hyperscaler ELT level
  • Ecosystem-as-distribution motion compounds
  • $5.2M of TAR retained by close of FY28
  • Maturity scale moves to 3.6 / 5
Target · 30%+ partner-sourced · $5.2M TAR retained
×
Source · Riley R6 · Crawl / Walk / Run phase bands · FY26 → FY28
30 of 35
Section 06
06
30-60-90
Day Plan.
HockeyStick · Partnership Revenue Intelligence · Airwallex · June 2026
06 · 30-60-90 Day Plan
· 30-60-90 detailed plan
The exact steps to make this partner program a success.
90 days of named, owned actions across four orientation phases. Each action ladders to a recommendation from Section 05 and a workstream from Riley R5.
Days 1-15
Orientation
Stand up the team + understand the landscape
  • Meet with cross-functional stakeholders + executive sponsors
  • Review existing partnerships, agreements + performance metrics
  • Product immersion + market positioning · AI-native vision
  • Interview customers + map partners to journey
  • Build ideal partner profile based on ICP scoring
Owner · Priya Singh · Head of Partnerships
Days 16-35
Vision + Strategy
Partnership landscape + winning aspiration
  • Identify key partners + competitive partnerships analysis
  • SWOT analysis for current partnership landscape
  • Define partnership objectives aligned to company objectives
  • Develop partner scorecard + segmentation (4-C ICP)
  • Lock 12 / 24-month targets with executive sponsor
Owner · Alex Chen · Chief Revenue Officer
Days 36-60
Strategic Planning
Lock the roadmap + communication
  • Short-term initiatives: top 5 quick-win activations identified
  • Long-term roadmap: 6-month + 12-month partnership roadmap
  • Internal communication plan to all-hands
  • External partner-facing comms + announcements
  • Align Sales, Marketing, CS on partner KPIs
Owner · Sam Wright · RevOps
Days 61-90
Execute + Optimise
Quick wins + relationship building
  • Roll out quick-win initiatives with top 5 partners
  • Partner meetings to strengthen relationships
  • Performance measurement + optimisation
  • Quarterly review cadence established · QBR with sponsor
  • Ongoing education + training for the team
Owner · Priya Singh · Head of Partnerships
×
Source · HSA 30-60-90 template + Riley R5 plan + Jo intake stakeholders
32 of 35
06 · 30-60-90 Day Plan
· Riley R7 · Timeline · 6 months
Timeline · key milestones across 6 months.
One swimlane per starred workstream. Each task bar plotted from start to due date, coloured by priority. Hover any task in the live portal for full detail.
Kickoff
Jul · M1
Aug · M2
Sep · M3
Oct · M4
Nov · M5
Dec · M6
WS-01 ★
Stand up partnerships function
JD signed · org chart
WS-02 ★
Activate top 12 partners
Top 12 named · Q1 wave active
WS-03 ★
Exec alignment + targets
Sponsor workshop
QBR · target lock
WS-04
CRM/PRM + attribution
ARR reconcile
CRM live
WS-05
Partner VP + expectations
VP shipped
WS-06
Partner marketing + journey
10 motions ranked · 5 piloted
WS-07
Public programme launch
Launch
WS-08 ★
Bottoms-up + CWR cadence
Model published
90-day review
High priority
Medium priority
Low priority
★ = starred workstream · feeds R8 Key Areas of Focus
×
Source · Riley R7 · Timeline (6 months) · Starred workstreams
33 of 35
06 · 30-60-90 Day Plan
· Next steps · Executive sign-off
Next steps · three actions to lock in.
Top 3 starred-workstream actions by earliest due date. Executive sign-off below confirms alignment for the next 90 days and triggers the Riley R5 plan.
Action 01 · Due Mon 26 Jun · High priority
WS-03
Run the workshop with the executive sponsor and lock 12 / 24-month targets
Hard commit on Year-1 partner-sourced %, ecosystem reach, and ROI envelope. Sponsor signs the strategy on a page.
Owner · Alex Chen (CRO) · Source · Sam D1 Discovery Workshop
Action 02 · Due Fri 10 Jul · High priority
WS-01
Stand up the partnerships function with a named owner reporting into Revenue
Job description, charter, reporting line signed off. Partner manager role open and recruiting.
Owner · Alex Chen (CRO) · Source · Sam D4 People pillar
Action 03 · Due Mon 27 Jul · High priority
WS-02
Migrate to canonical 4-C ICP scoring across all recommended partners
Score every active and shortlisted partner against Capacity, Capability, Commitment, Customer. HS Priority override applied.
Owner · Priya Singh (Head of Partnerships) · Source · Alex A_ICP Partner ICP Worksheet
Executive sign-off
Airwallex commits to the 90-day plan.
By signing below, the executive sponsor confirms alignment with the three locked actions above and the full 30-60-90 plan on page 32.
Sponsor signature
Alex Chen
Chief Revenue Officer · Airwallex
Date
June 2026
×
Source · Riley R5 · Top 3 starred-workstream actions + Jo intake sign-off
34 of 35
HockeyStick
Airwallex
Thank you.
Powering Partnership Revenue Intelligence
Strictly Private & Confidential
© 2026 Hockey Stick Advisory Pty Ltd · ABN 60 659 210 894
Prepared for the Airwallex executive sponsor and board. Do not redistribute without written approval.
hockeystickadvisory.com
Board pack v1 · Generated 15 June 2026 · Source · Riley