From Blue-Collar Grind to Fintech Titan: The Jack Zhang Story
Jack Zhang, the co-founder and CEO of Airwallex, has built a payments platform valued at a staggering $8 billion. His remarkable journey began not in a boardroom, but through relentless hard work starting in his teenage years. For Zhang, the concept of burnout remains foreign, a testament to his extraordinary drive.
A Work Ethic Forged in Adversity
"I never understand that terminology to be honest," Zhang told CNBC Make It, referring to burnout. "I've worked 100 hours a week from the age of 16 for 20 plus years."
During his studies, he consistently worked 80 to 100 hours every week. He explained this relentless pace by stating, "When you're in that tough situation where you need to survive, you're not really thinking about burnout. I mean, either you survive or not, right?"
Even now, in his late forties, Zhang maintains an 80-hour work week. This discipline stems from his early struggles.
Funding Dreams Through Hard Labor
Zhang's path to entrepreneurship was paved with blue-collar jobs. At just 15 years old, he moved alone from Qingdao, China, to Melbourne, Australia. Living with a host family and speaking limited English, he faced immediate financial pressure.
His parents encountered financial difficulties, leaving Zhang to fund his computer science degree at the University of Melbourne and all his daily expenses himself. "I had two choices," he recalled. "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 for my tuition and living expenses on my own."
He chose the latter, embarking on a grueling schedule:
- Washing dishes at a restaurant during the day.
- Bartending in the evening.
- Working overnight shifts at a petrol station.
- Packing lemons at a factory during summer breaks.
This relentless work ethic funded his education and built the resilience that would later define his business career.
The Turning Point: From Banking to Passion
After graduating in 2007, Zhang worked as a software engineer for insurance provider Aviva before moving into the banking industry. While he achieved financial success and became a millionaire through banking and various businesses, something was missing.
The birth of his daughter when he was 30 became a pivotal moment. "I remember I just looked at her," Zhang said. "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."
He realized that while he always wanted money, it alone did not bring the highest level of happiness. "I always wanted to find something 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," he added.
Building Airwallex: A Global Vision
This search for passion led to the founding of Airwallex. The idea sparked from a business venture with his future co-founder and university friend, Max Li. They were importing coffee beans from Brazil and China and faced challenges wiring money overseas.
"We thought, why can't we build a payment system in parallel to SWIFT and fundamentally change how money moves around the world?" Zhang told CNBC.
In 2015, they brought on board other university friends: Jacob Dai, Lucy Liu—who invested $1 million in the startup—and Ki-lok Wong. The company's growth has been meteoric.
By mid-2018, Airwallex's transaction volume skyrocketed, attracting investors. By year-end, they raised $80 million, achieving a valuation of $450 million. A Series E-2 fundraise in 2022 grew the fintech's valuation to $5.6 billion and marked their expansion into China, making Airwallex only the second foreign company outside China to do so.
As of December, the company has reached a $1 billion annualized run rate revenue. It now employs 2,000 people across 26 global offices.
Looking Ahead: The $10 Billion Goal
Despite this massive success, Zhang sees no reason to slow down. "I'm still very excited about what's ahead of us," he stated with clear ambition. "I think there's tons of opportunities ahead of us. We think we can generate at least $10 billion in revenue by 2030, so that is our next goal post."
Jack Zhang's story is not just about building a multi-billion dollar company. It is a powerful narrative about survival, relentless work, and the pursuit of a passion that transcends financial gain. From washing dishes to wiring the world, his journey redefines the meaning of entrepreneurial grit.
