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It’s a big week for Flywire. The global payments platform made a dual announcement yesterday that it closed a round of funding and sealed the deal on an acquisition.
The $120 million in funding brings Flywire’s total raised to $260 million. Goldman Sachs led the Series E round. The Massachusetts-based company will use the funding to digitize payments across education, healthcare, and travel.
“We are thrilled to lead the Series E round for Flywire”, said Ashwin Gupta, Managing Director at Goldman Sachs’ Merchant Banking Division. “They bring together a unique blend of a payments network, platform and vertical-specific solutions to completely digitize the payments experience for their clients across industries. We look forward to continuing to help accelerate Flywire’s growth.”
Along with the investment news, Flywire unveiled that it has acquired healthcare billing and payment solutions company Simplee for an undisclosed amount. The acquisition blends Flywire’s tech platform with Simplee’s solution that focuses on patients and providers. The combined companies power four of the top ten U.S. healthcare systems and together process $10 billion+ in payments per year.
“Flywire is uniquely built on a global payments network, which is the cornerstone of how we move billions of dollars across 200+ countries and 150 currencies, and an industry-leading payments platform” said Flywire CEO Mike Massaro. “This digital foundation enables us to develop vertical-specific applications that make payments more efficient and cost-effective for our global clients. The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base.”
Flywire, which originally launched has peerTransfer in 2009, has processed $12 billion+ in payments for 2,000 clients. The company has office locations at its headquarters in Boston, as well as Chicago, London, Manchester, Valencia, Shanghai, Singapore, Tokyo, Cluj, and Sydney.
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Global payments platform Flywire is extending its agreement with China’s UnionPay, the Massachusetts-based company announced today.
The two are re-launching a program that discounts foreign exchange rates on cross-border tuition and healthcare transactions. The initiative, which first launched last spring, is available to all UnionPay cardholders making payments originating in China. The rate on foreign exchange payments made to participating education and healthcare facilities will be the same as a local bank transfer.
“We strive to offer our clients’ payers the most convenient and secure payment options in each international market they serve,” said Ryan Frere, vice president of global payments for Flywire. “For Chinese students and patients making cross-border payments, UnionPay is the most preferred and trusted brand. We’re pleased to expand this program and bring valuable savings to more payers and institutions.”
UnionPay is a smart partner pick for Flywire. The bank’s home country is the number one origination of students studying abroad. More than 662,000 Chinese citizens studied abroad last year, a figure up 9% from 2017. Medical tourism is also popular among Chinese citizens; more than 630,000 Chinese patients traveled abroad for medical care in 2018.
Flywire originally launched as peerTransfer in 2011, when the company debuted its college tuition payment platform at FinovateSpring 2011. Flywire’s platform processes billions of dollars in payments every year in over 120 different local currencies, connecting more than 1,400 businesses and universities with their customers.
In addition to its Boston headquarters, the company has offices in Chicago, London, Manchester, Valencia, Shanghai, Singapore, Tokyo, Cluj, and Sydney.