Flywire is a Boston-based vertical payments company that solves vertical-specific payment and receivables problems for organizations in education, healthcare, travel and technology. The company processes payments for over 2,000 clients and has processed more than $12 billion in total payments volume to date. Flywire raised $120M in a Series E round led by Goldman Sachs, bringing total capital raised to $260M, and plans to use the funds to expand its reach and continue digitizing payments across its key verticals. Flywire also acquired Simplee, a healthcare technology platform that provides patient engagement and affordability solutions and has raised $36.4M in venture funding to date. Simplee's platform leverages information from billions of patient interactions and proprietary healthcare-tuned algorithms to drive a recommendation engine for patient payments and engagement. Together, the two companies will power four of the top ten U.S. healthcare systems and process more than $10 billion in patient payments per year. Flywire operates a global payment network and processing platform that enables secure, customized payments by business, country, and currency. The company offers a suite of products including OnPlan, a domestic billing and payment solution for pre-collection and payment plans, added via its recent acquisition of OnPlan Holdings. Flywire supports clients with multilingual servicing by phone, email, and chat and provides around-the-clock online payment tracking. It has processed over $8 billion for more than 1,400 clients across business, education, and healthcare. Flywire maintains offices in Boston and several global locations, and is led by CEO Mike Massaro. The company plans to use new funding to accelerate growth in North America, Europe and Asia-Pacific and to establish a presence in emerging markets including Latin America, the Middle East and Africa. peerTransfer provides a cloud-based cross-border payments platform for the education industry, enabling students from over 200 countries to pay tuition and room and board at more than 500 colleges and universities. The service supports local-currency bank transfers, online payments (including Alipay), and credit and debit card solutions, and includes an easy-to-use dashboard plus 24/7 servicing for payment monitoring and reconciliation. Its infrastructure and growing payment volumes allow it to offer discounted currency conversion rates compared with home-market banks. The company has become the leading international payment processor for colleges and universities and adds roughly 50 new clients each quarter. Financially, peerTransfer doubled year-on-year revenue in the first half of the 2014/15 academic year, reached profitability, and is on track to process $1B in cross-border payments for the full year. Future plans call for accelerating international growth, expanding penetration at U.S. colleges and universities, and building the next-generation payment experience for international students. PeerTransfer develops global payment solutions that enable international students to pay tuition and fees in their home currency while schools receive international payments with streamlined reconciliation and customized support. The company is led by founder and CEO Iker Marcaide and is based in Boston, MA, with additional offices in Europe. PeerTransfer works with over 350 universities, colleges and K‑12 schools across North America, Europe and Australia. To date it has processed payments from over 190 countries. The company plans to use new capital for global expansion and new product development. A recent board addition is Luis Manuel Rivera Novo, General Manager of FJME, the foundation representing FIDES. peerTransfer provides a simple, secure payment solution that lets international students pay tuition and education-related expenses while avoiding high transfer fees and poor exchange rates. The platform captures student ID information at payment so institutions can immediately post funds to student accounts, and it requires no engineering work for schools to implement. peerTransfer says it bundles transactions to secure better exchange rates and shares in the savings rather than charging students or schools directly. The startup is working with about 30 institutions, including Auburn University, Georgia State University, Miami University, Reed College, Wellesley College, and Western Kentucky University. It plans to use recent funding to increase hiring and to develop its infrastructure as it continues to expand partnerships with colleges and universities.

Total raised

$256M

Funding rounds

6

Latest round

Series E

Latest activity

Feb 2020