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July 27, 2018

Flywire raises $100m to support growth in new markets

Global payment and receivables solutions provider Flywire has raised $100m in a Series-D funding round led by Singapore-based investment company Temasek.

The company’s existing investors Bain Capital Ventures and F-Prime Capital also participated in the new funding round.

Flywire enables various businesses and institutions to offer a customised and secure payment experience to their clients. It is said to have processed over $8bn worth of transactions for more than 1,400 clients.

With the new funding, the company intends to speed up its growth in North America, Europe and Asia-Pacific as well as expand business to Latin America, the Middle East and Africa.

It also aims to provide new domestic payment capabilities to Europe and Canada added through its takeover of OnPlan Holdings.

Flywire CEO Mike Massaro said: “Our strong growth is a direct result of our ability to solve the difficult pain points that exist in complex payment processes.

“By taking the friction out of initiating, processing and reconciling large-sum international and domestic payments, we empower our clients to capitalise on their business opportunities and optimise their customer relationships. The potential for Flywire is massive and the additional investment and guidance from Temasek will help us take full advantage of it.”

Bain Capital Ventures managing director Matt Harris added: “The addition of Temasek optimises their ability to capitalise on that opportunity and provides really valuable insights into the fast-growing Asia-Pac market.”

 

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