Flywire was founded by an international student who experienced firsthand all the challenges of paying for college from another country—and made it his mission to solve them.
In 2008, Iker Marcaide, an international student from Spain, was preparing to attend the Massachusetts Institute of Technology (MIT). He was immediately tasked with sending his international tuition payment to the university, and what he found was that the entire process lacked transparency. His payment couldn’t be tracked, so he had to just wait and hope that it would be delivered before the deadline, if it was delivered at all. It was also subject to fees and fluctuating exchange rates, which could affect the total amount that would be actually delivered. Confident that he could create a better process, Iker founded peerTransfer, the company that would become Flywire.
The first step to solving payment challenges was assembling the right team. These original FlyMates (Flywire employees) came from different backgrounds, including education, payments, technology, and customer support, and each brought their expertise with them. Over the past decade, we’ve built strong relationships with education institutions and other clients, rebranded as Flywire, developed innovative technology, become market experts, and cultivated a uniquely down-to-earth company culture. In 2013, Mike Massaro became Flywire’s CEO, overseeing our rapid growth and success.
As our company continues to grow, we’ve also strengthened our ability to better serve our clients and payers. We’ve opened offices all over the world, from Boston and London to Shanghai and Singapore, because having a global reach allows us to expand into and learn about new markets.
Today, more than 1,600 institutions turn to us to process their international payments. We’ve worked tirelessly to add more payment options and currencies for students to choose from. We’ve even applied our gained expertise and knowledge to create new payment solutions specifically for businesses and healthcare providers and their customers and patients.
Our successes haven’t gone unrecognized. In the last year, Flywire won the Singapore MAS Fintech Festival award, was listed on Forbes’ next billion-dollar startups, and was featured in a New York Times article. We’re proud of how far we’ve come, but we know this is just the beginning of Flywire’s journey, because the dedication and innovation that has been at the core of our company since the start continues to grow.