Airwallex CEO Jack Zhang: From Blue-Collar Worker to $8 Billion Fintech Founder
Jack Zhang, CEO of $8 billion fintech Airwallex, shared his journey from working 80-100 hours weekly as a teenager in blue-collar jobs to building a global payments platform. Moving from China to Australia at 15, Zhang funded his education through dishwashing, bartending, and factory work before transitioning to banking and eventually founding Airwallex in 2015. The company has achieved $1 billion in annualized revenue and targets $10 billion by 2030, with Zhang maintaining his intensive work schedule and rejecting the concept of burnout.
*this image is generated using AI for illustrative purposes only.
Jack Zhang, co-founder and CEO of payments platform Airwallex, has built his startup into an $8 billion enterprise through what he describes as an unwavering work ethic that began in his teenage years. In a recent interview with CNBC Make It, Zhang revealed his perspective on work-life balance and the journey that led him from blue-collar jobs to fintech success.
Work Ethic and Philosophy
Zhang maintains that burnout is a concept he simply cannot comprehend. "I never understand that terminology (burnout) to be honest. I've worked 100 hours a week from [the] age of 16 for 20 plus years," he told CNBC Make It. Even in his late 40s, Zhang continues to work 80 hours per week, viewing his intensive schedule as a matter of survival rather than choice.
During his university years, Zhang consistently worked 80-100 hours every week while pursuing his studies. He explained his mindset: "When you're in that tough situation, you need to survive, you're not really (thinking) about burnout. I mean, either you survive or not, right?"
Early Struggles and Blue-Collar Foundation
Zhang's work ethic was forged through necessity when he moved from Qingdao, China, to Melbourne, Australia, at age 15. Arriving with limited English skills and staying with a host family, he faced significant financial challenges when his parents encountered difficulties funding his education.
Faced with paying for his computer science degree at the University of Melbourne and daily living expenses, Zhang took on multiple demanding jobs:
| Job Type: | Schedule |
|---|---|
| Restaurant dishwasher: | Day shifts |
| Bartender: | Evening shifts |
| Petrol station attendant: | Overnight shifts |
| Factory worker: | Summer lemon packing |
Zhang described his situation as having "two choices: either I just return to China and try to go back to the education system there, or I continue to stay in Australia and figure out how to pay tuition and living on my own."
Career Transition and Motivation
After graduating in 2007, Zhang began his professional career as a software engineer with insurance provider Aviva, according to his LinkedIn profile. He subsequently moved into the banking industry, where he achieved financial success, making his first million through banking and various business ventures.
However, the birth of his daughter at age 30 became a pivotal moment that redirected his career focus. Zhang recalled: "I remember I just looked at her, I (felt) like, I hadn't done anything (to) make her feel proud. And I think that's the moment I (decided) I need to stop just doing these side hustles, and I need to retire from my full-time job and do something big, properly."
This realization led him to understand that while he had always pursued money, "money alone doesn't bring [me] the highest level of happiness." Zhang sought something that would ignite his passion daily, where "no one needs to ever wake me up and ... every day I feel extremely passionate, obligated, and willing to devote my entire survival towards."
Airwallex Journey and Growth
The concept for Airwallex emerged from one of Zhang's side businesses with future co-founder and university friend Max Li. The duo imported coffee beans from Brazil and China, encountering challenges with international money transfers. This experience sparked the question: "Why can't we build a ... payment system in parallel to SWIFT and fundamentally change how money moves around the world?"
In 2015, Zhang and Li brought together other university friends—Jacob Dai, Lucy Liu (who invested $1 million in the startup), and Ki-lok Wong—to launch Airwallex. The company's growth trajectory has been remarkable:
| Milestone: | Achievement |
|---|---|
| Mid-2018: | Transaction volume skyrocketed |
| End-2018: | Raised $80 million, $450 million valuation |
| 2022: | Series E-2 fundraise, $5.6 billion valuation |
| Current status: | $1 billion annualized run rate revenue |
| Global presence: | 2,000 employees across 26 offices |
Airwallex achieved the distinction of being only the second foreign company outside China to expand into the Chinese market, marking a significant milestone in its international growth strategy.
Future Ambitions
Despite Airwallex's current success and $8 billion valuation, Zhang remains focused on future growth opportunities. The company has set an ambitious target of generating "[at least] $10 billion [in] revenue by 2030," which Zhang describes as their "next goal post."
Zhang's enthusiasm for the company's future remains undiminished: "I'm still very excited about what's ahead of us. I think there's tons of opportunities ahead of us." His journey from a teenager working multiple jobs to fund his education to leading a multi-billion dollar fintech company demonstrates the impact of persistent work ethic and strategic vision in building a global enterprise.
16
