Flywire, a company that solves complex payment problems for leading businesses and institutions, announced US$100M (SG$136.2M) in new venture funding.
The SeriesD round was led by Temasek, an investment company headquartered in Singapore, and joined by existing US-based Flywire investors including Bain Capital Ventures and F-Prime Capital.
Flywire has processed over US$8 billion for over 1,400 clients in business, education and healthcare. The company has established its global payment network and processing platform as the industry standard for large-sum international and domestic transactions, providing a single point of management and payer engagement from billing and payment through reconciliation.
With Flywire, businesses and institutions can offer their payers a highly-tailored, convenient and secure payment experience – customized by business, country, and currency – while accelerating funds flow and streamlining operational expense.
Mike Massaro, CEO of Flywire said,
“Our strong growth is a direct result of our ability to solve the difficult pain points that exist in complex payment processes. By taking the friction out of initiating, processing and reconciling large-sum international and domestic payments, we empower our clients to capitalize on their business opportunities and optimize their customer relationships.
The potential for Flywire is massive and the additional investment and guidance from Temasek will help us take full advantage of it.”
Flywire has seen rapid growth across its business in the last 12 months – both domestically and internationally. Specific milestones include:
Expansion in Singapore, China, Japan, Australia and Ireland.
- 170%+ growth in Asia-Pacific
- 100%+ growth across Europe
- 100%+ growth in Healthcare
- 80%+ growth overall internationally
Matt Harris, Managing Director at Bain Capital Ventures said,
“Mike and his team have identified a huge market opportunity in the payments and receivables space that will continue to expand rapidly as digital erases economic borders.
The company has consistently outperformed expectations and demonstrated its ability to run and grow a global business at scale. The addition of Temasek optimizes their ability to capitalize on that opportunity and provides really valuable insights into the fast-growing Asia-Pac market.”
Flywire will leverage the new investment to accelerate its growth in North America, Europe and AsiaPacific while also establishing a foothold in emerging markets such as Latin America, the Middle East and Africa. It will also focus on expanding its share of the $ trillion+ commercial payments and receivables sector and bringing new domestic payment capabilities added via its recent acquisition of OnPlan Holdings to Europe and Canada.
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