Flywire has secured financing led by Spark Capital and well known angels including Dave McClure (500 Startups and formerly of PayPal), John Landry (former CTO of Lotus) and Jim Hornthal (co-founder of Travelocity). The first round of venture funding is worth $1.1 million.
In addition to Spark Capital, investors in this financing includes West Coast angels Dave McClure and Jim Hornthal; Boston-based angels John Landry, Project 11 Ventures, Ken Morse and Roy Rodenstein; and Spanish angels Marek Fodor, Pablo Carrallo and Raul Aznar.
“There has long been a need for an efficient, low-cost way to transfer funds internationally, yet until now the need has gone unmet and banking customers have been forced to put up with expensive, conventional methods,” said Alex Finkelstein, General Partner at Spark Capital. “Flywire is challenging this convention with an approach and technology that has enormous market potential. Flywire has made huge strides in a short amount of time and the company is gaining strong early customer traction as individuals and businesses look for an alternative to traditional services.”
The funding will be used to increase our headcount and infrastructure across functional areas to support growth as we expand the number of colleges and universities we works with.
Flywire has closed $6.4 million in new funding. The investments came from QED Investors, led by Nigel Morris, co-founder of Capital One Financial Services, and FIDES and KIBO Ventures, both in Madrid, Spain. Existing investors also participated in the round, including Spark Capital and Maveron. The funds will be used to accelerate global expansion of our company and to invest in new product development.
Flywire has closed $22 million in new funding. Bain Capital Ventures led the round, with participation from prior investors including Spark Capital, Devonshire Investors, Accel Partners, QED Investors and Maveron.
The additional capital will be used to accelerate international growth, expand coverage and penetration at U.S. colleges and universities, and advance our innovative cross-border payment platform.
Total amount raised is $43.2 million.