US-based payments enablement and software firm Flywire has taken over education payments firm WPM, which provides payment software for universities and colleges across the UK.
The deal, whose financial terms were not disclosed, enables Flywire to propel its expansion into the UK payments market and further build out its education payments business.
WPM, founded in 2000, integrates with over 130 university systems and facilitates payments for more than 170 university and college clients in the UK.
In addition to payments software, the firm provides value-added services, such as strategic consulting and industry research and events, to the institutions in the higher education industry.
The addition of WPM’s software solutions will allow Flywire to enhance its current capabilities in the education payments segment.
Further, the combined UK client base of education institutions and their customers is expected to benefit from the integration of WPM with Flywire through Flywire’s payments platform, proprietary global payment network and industry-specific software.
Flywire CEO Mike Massaro said: “As a core pillar of our strategy, we continue to look for investment opportunities that supplement our strong organic growth and align with our belief that software drives value in payments.
“WPM’s strong client centric approach is a perfect fit with Flywire and will allow us to accelerate our expansion in the UK higher education market.”
Flywire, which entered the UK market in 2015, estimates its payment volume in the UK education sector to be around $30bn.
The WPM takeover forms part of Flywire’s long-term strategy to drive organic growth and continued expansion across all business lines.
The firm expects the acquisition to be accretive to revenue and growth in 2022.
Commenting on the deal, WPM director and co-founder Holger Bollmann said: “Flywire has been an innovator and leader in software and payments across many major sectors of the global economy, including education, and I’m thrilled to be joining the Flywire team along with all of the WPM team to continue to deliver great value for our clients.”
In May this year, Flywire teamed up with Discover to provide digital options for education payments for students and schools globally.
In March, the firm launched Flywire eStore, an online platform for a secure e-commerce experience.