Flywire Surpasses $10B In Total Payments Volume
Global payments and receivables company Flywire enjoyed strong growth in 2018 that it plans to carry into this coming year and over $10 billion in total payments volume.
Some of the company’s achievements last year included raising $100 million in new funding, expanding its presence in Asia-Pacific and EMEA and making significant gains in both regions. In addition, Flywire rebranded and integrated OnPlan, a domestic payment capability acquired in January 2018, into its product suite.
To date, the company has processed over $10 billion in total payments volume for over 1,700 clients in education, business, and healthcare.
“Our ability to address the core pain points that exist in complex payment and receivables processes is very well-aligned with a growing need in the market—both domestically and internationally,” Mike Massaro, CEO of Flywire, said in an emailed press release. “Our team, both our employees and our investors, have put us in a great position to capitalize on a massive opportunity.”
Last July, Flywire raised $100 million to boost its growth in North America, Europe and Asia-Pacific while also establishing a presence in emerging markets such as Latin America, the Middle East and Africa. The funding was led by Singapore-based Temasek.
As a result of its new efforts in the region, Flywire saw 130 percent and 65 percent growth in payment volumes in Asia-Pac and EMEA, respectively, as well as 80 percent and 50 percent growth in the number of clients in Asia-Pac and EMEA, respectively.
And after its acquisition and rebranding of OnPlan, Flywire Health (formerly OnPlan Health) has seen 100 percent growth, launching more than 75 new hospitals on its responsive payment platform.
The company also made a number of strategic partnerships last year, including a joint effort with Nigeria-based Flutterwave to make it easier for banks and businesses to process international payments from across Africa, and a partnership with Deutsche Bank and the Reserve Bank of India (RBI) to streamline the onshore collection of tuition fees. In addition, Flywire announced a partnership with UnionPay in June to make it easier for more students from China to pay their international tuition fees with their preferred methods and at reduced fees.
