Australian payments firm Flywire has closed the purchase of Cohort Go in a bid to strengthen its global education payments business.

Established in 2012, Cohort Go primarily provides solutions for international students to make overseas tuition payments via international agents.

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The company has partnerships in around 40 regions across the globe, which is set to allow Flywire to expand its international presence in Asia-Pacific (APAC) APAC and Latin America.

The latest deal is based on Flywire’s current education portfolio that seeks to focus on the development of its agent solutions and team.

It is also expected to support Flywire’s plan to create new product and payment solutions as well as make additional investments in APAC region.

In addition, Flywire aims to utilise Cohort Go’s education payments solutions to add new students, agents, and essential student services into its fold.

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Flywire CEO Mike Massaro said: “Recruiting agencies play a critical role in the international student journey by assisting students in finding placements in higher educational and other institutions.

“Cohort Go has been prominent in this space, with a network of over 1,000 agent partnerships, including some of the most prestigious student recruitment agencies in the world.”

New data from market intelligence company HolonIQ showed that eight million international students are set to sign up with foreign higher education institutions by 2030, an increase of three million students since 2019.

Massaro added: “As we continue to invest in our Flywire Advantage – the combination of our next-gen payments platform, proprietary global payment network and industry-specific software – we seek opportunities to embed deeper into the workflows of our clients, agents and payers, with the goal of driving more value for them.

“Cohort Go’s successful agent platform, global footprint and adjacent services complement our existing capabilities and will help us power the higher education ecosystem into the future.”