Flywire acquires another competitor: Canada’s ScholarFX

Beta Boston – By Curt Woodward

Online tuition-payments service Flywire is gobbling up another competitor.

The Boston startup says it’s acquired ScholarFX, a Toronto-based company that processes tuition and housing payments for international students attending college in Canada. Terms of the deal were not disclosed.

It’s the second such acquisition in the past few months for Flywire. In October, the company announced the purchase of UK-based Uni-Pay.

Flywire’s online service lets people use their home currency to pay tuition at schools in other countries. The company says it can save students money on those transfers because it bundles payments together and negotiates lower exchange rates.

With the addition of ScholarFX, Flywire says its service is now available at nearly 900 colleges and universities around the world. The company added that it’s on pace to process $2 billion in tuition and housing payments in the current academic year, which would be double the figure from a year earlier.

Flywire, which now has about 100 employees worldwide, has raised has raised about $43 million from investors since it was founded in 2009. It last raised a $22 million investment round in July led by Bain Capital Ventures.

The company has also looked to branch out beyond higher education in recent months, announcing last fall that it would offer payment services for people who get health care in another country, known as medical tourism. The company was formerly known as peerTransfer.

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