Flywire reported a loss per share of USD 0.11 for Q2 2024, compared to a loss per share of USD 0.15 recorded for Q2 2023, missing analyst-estimated loss per share of USD 0.09 in Q2 2024. The company reported a 22% YoY growth in total revenue to USD 103.7 million in Q2 2024, from USD 84.9 million recorded in Q2 2023 and beating analyst-estimated total revenue of USD 100.4 million for Q2 2024.

The growth in total revenue was primarily driven by a 19% YoY increase in total payment volume to USD 4.9 billion in Q2 2024, from USD 4.1 billion a year ago. Flywire reported an adjusted EBITDA of USD 5.8 million for Q2 FY2024, compared to an adjusted EBITDA loss of USD 0.1 million in Q2 FY2024. The company also reported signing more than 200 new clients across all verticals in Q2 2024.

During Q2 2024, Flywire partnered with HDFC Credila to digitize cross-border education loan payments from India, allowing Indian students studying abroad to pay their tuition fees using education loans via a streamlined loan payment process using Flywire’s payment technology. The company also acquired Invoiced , a B2B payment platform that automates the order-to-cash process, to enhance its existing B2B payment offerings by integrating its payment technology with Invoiced's A/R automation software.

Flywire expects to generate total revenue for Q3 FY2024 in the range of USD 146 million–157 million (implying a YoY growth of 18.4%–27.3%) and revises down full-year FY2024 total revenue expectation to the range of USD 483 million–506 million (implying a YoY growth of 19.8%–25.5%). The company expects to generate adjusted EBITDA for Q3 FY2024 in the range of USD 37 million–43 million (compared to USD 27.5 million in Q3 FY2023) and for full-year FY2024 in the range of USD 72 million–80 million (implying a YoY growth of 71.4%–90.5%).