Flywire

Flywire offers a payment infrastructure enabling users to build payment experiences for their customers ranging from invoicing to payment reconciliation and also includes a global payment network to facilitate cross-border payments. The company’s client base includes enterprises in the education, healthcare, travel, and technologies industries.

Flywire has acquired several companies to expand its platform, including Australia-based international education payment provider Cohort Go (in July 2022) to enhance Flywire’s existing agent solutions, particularly in the Asia-Pacific region. In February 2020, the company acquired B2C healthcare technology platform Simplee, through which Flywire aimed to optimize its digital healthcare payments and patient engagement operations. Prior to that, the company had acquired several others including OnPlan (2018) and UniPay (2015). In November 2023, Flywire acquired Australia-based StudyLink , an international student admissions, application, and agent management platform, to grow its presence and expand in the Australian higher education market. In August 2024, Flywire acquired Invoiced, a B2B payments platform that automates the order-to-cash process, for an undisclosed sum to enhance Flywire's B2B payment offerings.

Key customers and partnerships

In February 2024, Flywire partnered with the State Bank of India to expand product reach in India by facilitating digital cross-border payments between Indian students paying international education fees in Indian Rupees and foreign higher educational institutions. The company had also partnered with India’s largest private sector bank HDFC Bank , in November 2022, to enable students to make international education fee payments to higher education institutions across the globe. Through Flywire’s integration with HDFC Bank’s banking platform, users can make payments digitally, in compliance with LRS requirements.

Flywire reported a 39.3% YoY growth in total revenue to USD 403.1 million for FY2023, from USD 289.4 million recorded in FY2022. The company also reported adjusted EBITDA of USD 42.0 million for FY2023 (translating to an adjusted EBITDA margin of 10.4%), compared to an adjusted EBITDA of USD 14.9 million for FY2022 (translating to an adjusted EBITDA margin of 5.1%). For FY2024, Flywire expects generate total revenue in the range of USD 501 million–535 million for FY2024 (implying a YoY growth of 24.3%–32.7%) and anticipates to achieve adjusted EBITDA in the range of USD 65 million–76 million (implying a YoY increase by 54.8%–81.%).