Arsenal scooped the biggest financial prize in women's club football history by beating Corinthians 3-2 after extra-time to win the inaugural Fifa Women's Champions Cup on Sunday.

The European champions edged out the challenge of the Brazilian underdogs thanks to Caitlin Foord's winner to collect a US$2.3 million payout.

That is nearly four times the US$590,000 Arsenal received for winning last season's Champions League.

The Gunners were heavy favourites to secure the trophy that pitted the winners of the champions of six continents together in competition for the first time.

However, Corinthians shocked US champions Gotham FC in Wednesday's semi-finals and pushed Arsenal all the way in front of over 25,000 at the Emirates Stadium.

Olivia Smith's early opener for Arsenal was quickly cancelled out by Gabi Zanotti.

England defender Lotte Wubben-Moy restored Arsenal's lead and the celebrations were beginning around the Emirates when Corinthians snatched a dramatic equaliser deep into injury time.

Vic Albuquerque stroked home from the penalty spot after Gisela Robledo was tripped inside the area.

Arsenal's greater strength in depth showed in extra-time, though, as Foord sneaked a shot in at the near post to finally break Corinthians' spirit. (AFP)