As Cross-Border Payments Grow, Flywire Thrives
Flywire, a leading provider of cross-border payment solutions, continued its expansion in both the education and healthcare segments in the last six months. In the most recent academic year, ending June 2016, the company saw record results in its education business, and continued its expansion in Europe and the Asia-Pacific regions. Demand for its healthcare payment platform is also growing sharply as US hospitals ramp up competition for patients from outside the country.
In education, Flywire achieved several significant milestones in the academic year ending June 2016:
• The company has processed over $3 billion in international payments to date, and saw a 110% increase in the academic year ending June 2016 vs. the previous year.
• Flywire is on track to double the business again in the current academic year (2016-17).
• In the most recent quarter, Flywire added 120 new schools including Northeastern University (US), University of Queensland (AUS), SP Jain School of Global Management (UAE, INDIA, SINGAPORE, AUS) and Q-Language, its first school in Hong Kong.
• In the last 12 months, Flywire expanded its footprint through the acquisition of two businesses, Uni-Pay (UK), and ScholarFx (Canada).
• Flywire now serves 129 schools and universities in the U.K. – making fast, easy tuition payment available to over 150,000 international students traveling each year to attend UK institutions such as Kaplan International, University of Durham, University of Leeds, Manchester Metropolitan and University of Liverpool.
• Flywire also established new operations in Tokyo, Japan where it is serving the increasing number of educational institutions in Japan attracting foreign students, as well as Japanese students studying abroad. The move builds on Flywire’s existing Asia-Pacific operations in Shanghai, China, Singapore and Australia.
Flywire entered the international healthcare payments business in late 2015 and since then has expanded its platform to meet growing demand. The Flywire for Healthcarepayment platform offers comprehensive capabilities for both hospitals and their international patients to help navigate the complex world of global payments.
• In April, the company signed an agreement to be a lead sponsor of USCIPP, the US Cooperative for International Patient Programs.
• USCIPP is a non-profit membership organization comprised of over 60 U.S. academic medical centers, healthcare systems and hospitals operating in the international patient care arena including Boston Children’s Hospital, Philadelphia International Medicine, UPMC, Cook’s Children and other leading US hospitals.
• Since then, Flywire has added ten additional hospitals to its healthcare client roster and expects to add another 12-15 before the end of the calendar year.
“There is an important new demographic segment emerging that is investing globally in things like education, medical care, and a variety of other things that bring diversity and culture to their family’s life experience,” said Mike Massaro, CEO at Flywire. “These things require large, cross-border payments, which are fraught with challenges for both the payer and payee. There’s a need for transparency and end-to-end visibility – so both parties involved understand payment status and the true costs involved. Flywire was built to deliver that to both consumers and institutions – a guaranteed service level that ensures that the correct amount of money will end up where and when it’s supposed to.”← Back to Articles