Flywire Q1 2023 gross profit rises by 50.3% to $58.3m with revenue ahead by 46.1% to $94.4m. For the three months to end March, total payment volume rises by 35.8% y-o-y to $5.7bn.

Flywire reports a gross margin of 61.8% for the first quarter, up from 60.1% in the year ago quarter.

Adjusted EBITDA of $7.0m in the first quarter of 2023, compares to $1.9m in the first quarter of 2022.

Net loss of $3.7m in the first quarter compares to a net loss of $10.1m in the year ago quarter.

Flywire Q1 2023: record sales quarter with +170 new clients

The first quarter represents the firm’s largest sales quarter with more than 170 new clients signing up. For example, Flywire reports a record number of net-new travel clients. Revenues from destination management companies based in APAC rise nearly tenfold year over year.

“Our excellent results in the first quarter are a testament to our ability to balance top line growth with ongoing efficiency initiatives,” said Mike Massaro, CEO of Flywire.

“Flywire achieved our largest sales quarter in company history, with a record number of clients signed. Our strong performance is underpinned by positive tailwinds across the industries that we serve.”

First quarter business highlights include the acceleration of Flywire’s student health insurance comparison tool. This is available to all education agents on its Flywire platform.

For the full fiscal, Flywire forecasts revenue in the range of $380m-$398m. Full fiscal adjusted EBITDA is forecast to be $30m-$36m.

“Our results give us even more confidence in our winning strategy and path ahead. We are eager to capitalise on our momentum as we progress throughout the year,” added Massaro.