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Ramp and Airwallex did not complete a partnership because they could not settle legal and data-handling terms, according to The Information. Airwallex then introduced U.S. corporate-card and expense products that competed with Ramp. What began as a commercial disagreement escalated when politically connected Ramp investors urged Congress and federal agencies to examine Airwallex’s China-linked ownership, operations and potential access to American financial data.
Those requests are not findings. No public record cited in the episode establishes that Chinese authorities accessed U.S. customer data, that Airwallex broke U.S. law, or that the Justice Department or Treasury opened a confirmed investigation.
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The companies were discussing a partnership that could have combined Ramp’s U.S.-focused corporate-card and expense platform with Airwallex’s international payments, foreign-exchange and treasury infrastructure. The talks began around 2023 as Ramp sought better ways to serve customers operating across borders.
The relationship collapsed in April 2025 after renewed negotiations. The Information reported that the parties could not resolve legal and data-handling assurances, including a request that customer information remain outside China and inaccessible to China-based staff. Airwallex said payments involving mainland China or Hong Kong could require subsidiaries in several jurisdictions. It also concluded that its own products increasingly competed with the proposed partner’s business.
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Why the commercial logic changed
Airwallex launched a U.S. expense-management and corporate-card product in May 2025. That move turned a potential supplier relationship into a more direct competitive contest: Ramp wanted international capability, while Airwallex was building a broader U.S. spend-management offering of its own.
What was the doomed Ramp–Airwallex deal?
It was a proposed commercial partnership, not a publicly announced merger or acquisition. Ramp’s objective was access to international payment rails and related capabilities. The negotiations focused on how transactions and customer information would be handled across jurisdictions, especially where mainland China or Hong Kong entities might be involved.
The public account does not establish that the companies signed a final partnership agreement. Instead, it describes negotiations that ended when the legal, operational and strategic terms could not be made acceptable to both sides.
What happened, and when?
| Date | Event |
|---|---|
| Around 2023 | Ramp and Airwallex began partnership discussions as Ramp looked for stronger international-payments capabilities. |
| April 2025 | Airwallex CEO Jack Zhang ended the proposed partnership after renewed talks failed to resolve legal and data-handling issues. |
| May 2025 | Airwallex launched U.S. expense-management and corporate-card products that competed with Ramp. |
| December 18, 2025 | Senator Tom Cotton asked Attorney General Pam Bondi to investigate whether Airwallex data could be accessed by the Chinese Communist Party. |
| June 17, 2026 | Cotton asked Treasury Secretary Scott Bessent and the Committee on Foreign Investment in the United States (CFIUS) to review Chinese investment in Airwallex. |
| September 17, 2026 | House Select Committee on China Chairman John Moolenaar asked Treasury to assess risks tied to Airwallex’s China-linked structure and data handling. |
| October 23, 2026 | The Information published its account of the failed deal and the reported investor campaign. |
Why did China and data access become the political issue?
The concern centers on the difference between where a company is incorporated, where it operates and who can legally or technically access its systems. The Information reported that Airwallex’s early investors included Tencent and Gobi Zhiying, that the company maintained a substantial mainland-China operation, and that roughly one-quarter of its employees were in China at the time of that report.
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Airwallex says Tencent owns less than 10 percent and has no information rights beyond those of a minority shareholder. The company also says U.S. customer data is stored in the United States and cannot be accessed by staff based in China or Hong Kong.
Moolenaar’s September 2026 letter cited an estimated $130 billion in annualized transaction volume and argued that Airwallex’s corporate structure could expose sensitive U.S. financial information to entities subject to the jurisdiction of the People’s Republic of China. The letter included an explicit limitation: “The Committee wishes to emphasize that this letter is intended to be informational; it has not reached the conclusion that Airwallex has engaged in unlawful conduct.”
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Did Ramp investors pressure Washington to investigate Airwallex?
The Information reported that Ramp investors Joe Lonsdale and Keith Rabois amplified congressional concerns. It also reported that Lonsdale coordinated with a political network involving State Armor Action. Ramp adviser Lulu Cheng Meservey posted that Airwallex was “under investigation,” then said she had not closely followed Cotton’s concerns.
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That characterization went beyond what officials had publicly established. The same report said Treasury had not confirmed whether it was investigating Airwallex. Rippling chief executive Parker Conrad rejected an insinuation that his company used Airwallex and described the campaign as an “oppo smear by Ramp.”
The deal history and reported coordination were attributed to people familiar with the discussions. Ramp chief executive Eric Glyman declined comment, while Lonsdale and State Armor Action’s Michael Lucci did not respond to the publication’s requests for comment.
Can Airwallex’s China operations access American customer data?
There is no public finding in the record establishing that China-based employees or Chinese authorities accessed U.S. customer data. Airwallex says U.S. data is stored in the United States and that China- and Hong Kong-based personnel are blocked from accessing it.
Airwallex cited a Coalfire assessment that it characterized as finding robust controls against unauthorized access. That is a company description of an assessment, not an independent government conclusion that every possible legal or operational risk has been eliminated. The unresolved question for regulators is whether ownership, infrastructure, personnel access, contracting arrangements or legal obligations in different jurisdictions could create exposure despite those controls.
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Airwallex retained former U.S. Attorney General Bill Barr as an adviser and lobbyist. Barr said: “Global banking and payments companies operate internationally as a matter of course, with teams and operations across multiple markets.”
Is Airwallex under investigation, or are these only requests?
The documented actions are requests for review. Cotton asked the Justice Department and CFIUS to examine specific concerns, and Moolenaar asked Treasury to assess risks. Moolenaar’s letter expressly disclaimed a conclusion of unlawful conduct, while The Information reported that Treasury had not said whether it opened an investigation.
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On the available record, it is therefore inaccurate to state as fact that Airwallex is under a confirmed federal investigation. A formal agency announcement, court filing, congressional finding or disclosed regulatory action would be needed to establish that status.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How large are the two companies, and why does that matter?
Both companies were expanding quickly, increasing the commercial stakes of a failed partnership and the political impact of allegations about data jurisdiction.
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| Company and measure | Reported figure | Qualification |
|---|---|---|
| Airwallex funding and valuation | $320 million Series H; $11 billion valuation | Airwallex announcement, June 2026 |
| Airwallex revenue | $1.3 billion annualized | Airwallex reported for March 2026 |
| Airwallex transaction volume | $287 billion annualized | Airwallex reported in June 2026 |
| Airwallex customers | More than 676,000 businesses | Airwallex reported in June 2026 |
| Airwallex regulatory footprint | More than 85 licenses | Airwallex reported in June 2026 |
| Airwallex workforce | More than 2,300 employees in 27 offices | Airwallex reported in June 2026 |
| Ramp financing and valuation | $750 million raised; $44 billion valuation | Ramp announcement, June 2026 |
| Ramp payment-volume growth | Approximately 170% year over year | Ramp reported for March 2026 |
| Ramp potential valuation | Approximately $60 billion | Bloomberg reported that a funding round was under discussion |
The figures are not directly comparable: Airwallex’s public metrics include global payments and a multinational operating footprint, while Ramp’s figures describe a U.S.-centered spend-management business. Airwallex’s reported $287 billion annualized volume also differs from the House committee’s $130 billion estimate; the record does not explain the methodologies, dates or transaction categories behind the two figures.
What could the dispute mean for fintech security and an Airwallex IPO?
The episode shows how a routine vendor or partnership review can become a national-security issue when payment data crosses borders and investors have political access. Financial companies may face questions not only about encryption and storage, but also about employee permissions, support locations, corporate ownership, subcontractors and the legal powers available in each country where they operate.
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How should readers separate fact from allegation?
- Documented: the partnership talks, their reported April 2025 collapse, Airwallex’s subsequent U.S. product launch, the Cotton requests and the Moolenaar letter.
- Company positions: Airwallex says U.S. data remains in the United States, China- and Hong Kong-based staff cannot access it, and Tencent has only minority-shareholder rights.
- Reported allegations: investors amplified concerns and coordinated with political advocates, based on accounts attributed to people familiar with the matter.
- Not established: unauthorized Chinese access to U.S. customer data, a violation of U.S. law, a confirmed DOJ or Treasury investigation, or any ordered divestment or penalty.
Frequently Asked Questions
Was the Ramp–Airwallex agreement ever signed?
The public account describes negotiations over a proposed partnership, not a completed merger or publicly announced contract. No evidence in the cited record shows that the companies executed a final agreement before talks ended.
Why can transaction-volume estimates differ so widely?
The committee’s September 2026 letter cited an estimated $130 billion annualized volume, while Airwallex reported $287 billion annualized in June 2026. The available documents do not specify matching measurement periods or definitions, so the figures should not be treated as a like-for-like discrepancy proving either side wrong.
What evidence would show that Airwallex is formally under investigation?
A public agency confirmation, court filing, congressional finding or disclosed enforcement action would establish that status. Political letters requesting a review, without a response from the relevant agency, do not by themselves prove that an investigation has begun.
Why does data location matter if a company says it has access controls?
Storage location is only one part of cross-border data governance. Customers and regulators also examine administrator privileges, support access, subcontractors, ownership, incident response and the laws that could compel information from entities or personnel in another jurisdiction.
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