Tuition-payments startup Flywire acquires UK-based competitor
beta Boston – By Curt Woodward
Boston-based Flywire says it has acquired Uni-Pay, a similar business based in the UK. Uni-Pay’s six employees will join Flywire.
Flywire declined to name a price for the deal, and wouldn’t say whether it paid cash, stock, or some combination of the two.
Flywire’s online service works like a wire transfer, letting people use their local currency to pay tuition at international schools. Flywire says that it saves students money on those transfers because it bundles payments and negotiates lower currency exchange rates with banks.
With the acquisition, Flywire said it works with more than 800 schools in 12 countries. The company says it processed $1 billion in payments during the 2014-2015 school year, and expects that to double this year.
Flywire, which recently changed its name from peerTransfer, has raised a total of about $43 million since its founding, including a $22 million investment round in July led by Bain Capital Ventures. Uni-Pay began operating in the UK about two years ago.← Back to Articles