26 July 2018
Flywire Raises $100M Led by New Investor Temasek
Funding will accelerate company’s strong performance and capitalize on explosive growth in cross-border payments worldwide
BOSTON—Flywire, a company that solves complex payment problems for leading businesses and institutions, today announced $100M in new venture funding. The Series-D round was led by Temasek, an investment company headquartered in Singapore, and joined by existing Flywire investors including Bain Capital Ventures and F-Prime Capital.
Flywire has processed over $8 billion for over 1,400 clients in business, education and healthcare. The company has established its global payment network and processing platform as the industry standard for large-sum international and domestic transactions, providing a single point of management and payer engagement from billing and payment through reconciliation. With Flywire, businesses and institutions can offer their payers a highly-tailored, convenient and secure payment experience – customized by business, country, and currency – while accelerating funds flow and streamlining operational expense.
“Our strong growth is a direct result of our ability to solve the difficult pain points that exist in complex payment processes,” said Mike Massaro, CEO of Flywire. “By taking the friction out of initiating, processing and reconciling large-sum international and domestic payments, we empower our clients to capitalize on their business opportunities and optimize 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.”
Flywire has seen rapid growth across its business in the last 12 months – both domestically and internationally. Specific milestones include:
- Expansion in Singapore, China, Japan, Australia and Ireland.
- 170%+ growth in Asia-Pac
- 100%+ growth across Europe
- 100%+ growth in Healthcare
- 80%+ growth overall internationally
“Mike and his team have identified a huge market opportunity in the payments and receivables space that will continue to expand rapidly as digital erases economic borders,” said Matt Harris, managing director at Bain Capital Ventures. “The company has consistently outperformed expectations and demonstrated its ability to run and grow a global business at scale. The addition of Temasek optimizes their ability to capitalize on that opportunity and provides really valuable insights into the fast-growing Asia-Pac market.”
Flywire will leverage the new investment to accelerate its growth in North America, Europe and Asia-Pacific while also establishing a foothold in emerging markets such as Latin America, the Middle East and Africa. It will also focus on expanding its share of the $ trillion+ commercial payments and receivables sector and bringing new domestic payment capabilities added via its recent acquisition of OnPlan Holdings to Europe and Canada.
Flywire is a provider of global payment and receivables solutions, connecting businesses and institutions with their customers on six continents. The company processes billions in payments per year around the world. Flywire offers a comprehensive suite of products including OnPlan, a domestic billing and payment solution for pre-collection and payment plans. The company also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking. Flywire is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney. Key investors include Bain Capital, F-Prime Capital (Fidelity) and Spark Capital. For more information, visit www.Flywire.com.
Incorporated in 1974, Temasek is a global investment company headquartered in Singapore. Supported by its network of international offices, Temasek owns a S$308 billion (US$235b) portfolio as of 31 March 2018, with significant exposure to Singapore and the rest of Asia. Our investment activities are guided by four investment themes and the long-term trends they represent: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. Our investment strategy allows us to capture opportunities across the sectors in which we invest that help bring about a better, smarter and more connected world. For more information on Temasek, visit www.temasek.com.sg.