Flywire acquires Simplee: 5 key details

February 14, 2020

Flywire, a high-growth vertical payments company, acquired the healthcare technology platform Simplee on Feb. 13.

Five quick notes:

1. The acquisition will build on Flywire's healthcare payments business and accelerates its market share. The amount paid is undisclosed.

2. Flywire also announced a $120 million Series E investment round, which is led by Goldman Sachs. The investment will contribute to Flywire's strong balance sheet and provide additional capital for the company. Tiger Management and Adage Capital Management also joined the funding round as new investors.

3. Together, Flywire and Simplee power four of the top 10 U.S. healthcare systems and process more than $10 billion in patient payments per year.

4. Flywire plans to combine its high-tech platform with Simplee's consumer-first paths to payment to accelerate the process for settling payments.

5. Flywire has processed more than $12 billion in payments for more than 2,000 clients around the world since inception.