Cross-border payment solutions provider Flywire has acquired ScholarFX, a processor of tuition, room and board payments for international students attending schools in Canada.
As part of the acqusition, ScholarFX will opeate as subsidiary of Flywire Canada and all its educational clients will move to the Flywire platform over the next few months.
Also, ScholarFX’s founder, Darren Chadwick, will also join Flywire Canada in a leadership role.
Flywire currently serves nearly 900 schools worldwide and processes payments on behalf of students from over 200 countries and territories, in 70 local currencies.
This deal follows Flywire’s acquisition of UK-based Uni-Pay in October 2015.
Flywire CEO Mike Massaro said: "The acquisition of ScholarFX expands our ability to attract and service Canadian educational institutions while adding to the scale of our industry-leading cross-border payment platform.
"We’re also excited to add Darren Chadwick to our team, and to bring all the advantages of our solution to this fast-growing market."