After a failed partnership, Ramp's backers lobbied Washington to probe rival Airwallex's China ties, The Information reports
What's going on? A failed partnership between two of the most valuable fintech scaleups has turned into a fight in Washington. The Information reported on 23 October that Ramp co-CEO Eric GlymanDealroom has a profile for this one. Try Dealroom → had hoped to partner with Melbourne-founded Airwallex to strengthen Ramp's international payments. Airwallex CEO Jack Zhang pulled out in April 2025, partly under pressure from Airwallex investors who wanted to compete with Ramp, according to employees of both companies. The next month Airwallex launched its own expense-management and corporate card product. Glyman tried to save the deal and then warned Zhang that relations might not stay friendly, according to people familiar with the talks.
The campaign: According to The Information, some of Ramp's politically connected backers then ran a public and private campaign urging the US government to investigate Airwallex's possible links to China. It reports that Joe LonsdaleDealroom has a profile for this one. Try Dealroom → coordinated with a network that includes the advocacy group State Armor Action to lobby Texas and federal lawmakers. Senator Tom Cotton wrote to the attorney general in December 2025, and on 17 September House China committee chair John Moolenaar wrote to Treasury Secretary Scott Bessent warning of "significant national security risk exposure". Ramp board member Keith Rabois, Lonsdale and Ramp adviser Lulu Cheng Meservey amplified the letters on X. In one thread Lonsdale told users of Rippling, Deel, Brex, Navan and Zip to ask whether their payments ran through Airwallex. He added a correction after Rippling's Parker Conrad said nothing from Rippling goes over Airwallex, and Conrad called the insinuation an "oppo smear by Ramp".
Airwallex's response: In a letter to Moolenaar, Zhang said the claims did not start with a breach, a regulator's finding or a national-security agency, but with "a prominent and politically connected Silicon Valley venture capitalist who serves on the board of a direct Airwallex competitor". He said US customer data is stored in the US and that staff in China, about a quarter of its more than 2,700 employees, cannot access it, citing an independent assessment by Coalfire. He added that Tencent holds a passive stake of less than 10%. He also pointed out that the committee's own letter found no covert data-exfiltration channels and said it had not concluded Airwallex broke the law. Airwallex has retained former US attorney general Bill Barr, who also lobbies for it, and the law firm Clare Locke. A spokesman called it "a competitor-driven smear campaign". Ramp's side, per The Information, is that the deal died over legal terms and concerns about data handling in China.
Why it matters: Rivalries between VC-backed scaleups usually play out over price and product. Here, investors are reported to be using national-security politics against a competitor at the moment Airwallex is building its US business and is seen as a future IPO candidate. Airwallex reported $1.5bn in annualised revenue in Q3 2026, and Ramp raised at a $60bn valuation this month. The Information also notes that Australia's financial-crime regulator ordered an audit of Airwallex's controls in January, which could matter for any US listing.
What's confirmed and what isn't: The Cotton and Moolenaar letters, Zhang's reply and Lonsdale's posts are public. The deal history and the reported coordination of the campaign come from The Information's unnamed sources. Glyman declined to comment, and Lonsdale and State Armor Action's Michael Lucci did not respond to The Information. The Treasury has not said whether it is looking into Airwallex, and no finding of wrongdoing has been made public.
Sources: The Information / Sydney Morning Herald (CBD) / Zhang and Barr letters to Chairman Moolenaar / Joe Lonsdale on X / Capital Brief
