“Flywire is soaring today,” Market on Close’s Oliver Renick said in readying to introduce CEO Mike Massaro on the TD Ameritrade Network segment, one day following Flywire’s reporting of strong second quarter financial results.
In the wide-ranging, 7-minute interview, Massaro covered some of what makes Flywire different from other payment software providers, discussed growth levers, and talked about the benefits of having a diverse, global team. Commenting on the recent earnings results, he said “It was a really amazing quarter for us. Not only did we add over 14 new clients, we expanded our relationship with great clients, like the University of Chicago and Banner Health.”
Asked what is allowing Flywire to break through in markets where big payments have been around for a long time, Massaro pointed to Flywire’s unique combination of industry-specific software that integrates with clients’ systems of record, shared platform, and proprietary payment network.
“Large sum, complex payments need almost like a highway, a fast track to move, and the existing infrastructure wasn’t there,” Massaro said. “We really had to build our own proprietary network to move that money around the world.”
Massaro also pointed to the continued investments in the company’s 850+ global employees, called “FlyMates,” adding that “our ability to pull in great talent really hasn’t wavered even in a challenging time in the job market.”
Asked whether Flywire would make a foray into smaller sum, peer- to-peer payments, Massaro was clear that the company will focus on existing markets, with large and complex payments flows.
“We’re just in the early innings,” Massaro said. “We’ve got plenty to do in our existing industries, and we’re going to keep solving these large, complex problems for our clients.”