Singapore-based Flywire, a company that solves complex payment problems for leading businesses and institutions, today announced US$100M (SG$136.2M) in new venture funding.
Flywire has processed over US$8 billion for over 1,400 clients in business, education and healthcare.
The company said it will leverage the new investment to accelerate its growth in North America, Europe and Asia-Pacific while also establishing a foothold in emerging markets such as Latin America, the Middle East and Africa.
It will also focus on expanding its share of the $ trillion+ commercial payments and receivables sector and bringing new domestic payment capabilities added via its recent acquisition of OnPlan Holdings to Europe and Canada.
The company has established its global payment network and processing platform as the industry standard for large-sum international and domestic transactions, providing a single point of management and payer engagement from billing and payment through reconciliation.
With Flywire, businesses and institutions can offer their payers a highly-tailored, convenient and secure payment experience – customized by business, country, and currency – while accelerating funds flow and streamlining operational expense.
“Our strong growth is a direct result of our ability to solve the difficult pain points that exist in complex payment processes,” said Mike Massaro, CEO of Flywire. “By taking the friction out of initiating, processing and reconciling large-sum international and domestic payments, we empower our clients to capitalize on their business opportunities and optimize their customer relationships.
Flywire has seen rapid growth across its business in the last 12 months – both domestically and internationally.
“Mike and his team have identified a huge market opportunity in the payments and receivables space that will continue to expand rapidly as digital erases economic borders,” said Matt Harris, Managing Director at Bain Capital Ventures.
Flywire is a provider of global payment and receivables solutions, connecting businesses and institutions with their customers on six continents. The company processes billions in payments per year around the world.