Flywire has acquired PACE Invoice, a multi-currency invoicing platform provider based in London.
With the acquisition, we have added international invoicing to our cross-border payments and receivables services, enabling our business, education and healthcare clients to more easily link invoices to cross-border receivables, saving time and costs in invoice preparation and payment reconciliation.
The move comes on the heels of our recent expansion into the cross-border payment market for businesses. PACE Invoice CEO James Shattock will join the company and lead expansion efforts in the UK and Europe for that new business segment.
“This acquisition fills a growing need for clients across all our industry sectors — business, education and healthcare,” said Flywire CEO Mike Massaro. “Cross-border invoicing is challenging and by enabling these capabilities within our platform, we will further enhance our already industry-leading cross-border payment solution in the market. We’re also very pleased to be able to say that James Shattock and the entire PACE team will join us to capitalize fully on this great opportunity.”
“This is a great move for us — joining a dynamic, fast-growing company like Flywire where our offering is highly complementary and will be quickly integrated into the international payment and receivables platform Flywire has built,” said Shattock. “Our invoicing capability meets an important cross-border business need for their customers and can help accelerate Flywire’s expansion, especially in the B2B market. We’re really excited to be part of that.”
PACE enables businesses to issue invoices to their international customers which can be paid in ways that are convenient and familiar to the customer, making prompt, accurate payments easier while reducing currency exposure. The PACE Invoice platform integrates with existing enterprise accounting systems and offers a white-label web interface for client branding. We will offer the invoicing capability as an option with its cross-border payments and receivables platform — providing end-to-end management from invoice delivery through payment reconciliation.
PACE Invoice is an alumni of Startupbootcamp FinTech London, an accelerator program supporting early-stage tech companies with direct access to an international network of the most relevant mentors, partners, and investors in the FinTech industry.
Francisco Lorca, Managing Director of Startupbootcamp FinTech London added: “We are very proud of PACE Invoice at Startupbootcamp FinTech and see this as very good showcase of how a startup has accelerated during our FinTech program and made the best use of the resources of Startupbootcamp.”
Nic Gidaracos from PACE Invoice talks to Shaun Weston, from BankNXT about PACE being acquired by us and how international invoicing will now be a part of our offerings. You can listen to the podcast here.