BOSTON, March 05, 2019 (GLOBE NEWSWIRE) -- Flywire, a company that solves complex payment problems for leading businesses and institutions, continued its rapid growth in 2018, reaching new milestones in cross-border payment volumes and customers. The company, which raised $100 million in new funding mid-year, expanded its presence significantly in Asia-Pacific and EMEA and saw significant gains in both regions. In addition, Flywire rebranded and integrated OnPlan, a domestic payment capability acquired earlier in the year, into its product suite.
As demand has grown for ways to simplify and accelerate complex payment and receivables processes, Flywire has emerged as one of the leading solutions, providing a single point of management and payer engagement from billing and payment through reconciliation. Some of the company’s highlights from 2018 include:
Strong Payment Volume and Client Growth in expansion regions Asia-Pac and EMEA
- 130% and 65% growth in payment volumes in Asia-Pac and EMEA respectively
- 80% and 50% growth in the number of clients in Asia-Pac and EMEA respectively
To date, the company has processed over $10 billion for over 1,700 clients in education, business, and healthcare.
Integration and Rebranding of OnPlan
- In January, Flywire acquired OnPlan, a complementary domestic billing and payment platform for two of Flywire’s key markets—Education and Healthcare.
- Flywire has rebranded the OnPlan capabilities and integrated them into the Flywire suite, offering clients a single platform for managing both domestic and international payments and receivables. All of the OnPlan capabilities are now available as stand-alone solutions in the broader Flywire offerings: Flywire Education, Flywire Healthcare and Flywire Business.
- Flywire Health (formerly OnPlan Health) has seen 100% growth since the acquisition, launching more than 75 new hospitals on its responsive payment platform, which helps hospitals address patient financial needs to settle balances faster on mutual terms.
- In November, Flywire introduced its domestic payment capability for educational institutions (formerly OnPlanU) in the UK. The offering equips schools of all types to improve collection rates, shorten payment cycles, and accelerate cash flow by offering students and families custom tuition payment plans to fit specific needs while streamlining administrative requirements.
Expanded Global Reach
- In February, Flywire expanded its Asia-Pacific headquarters in Singapore, addressing growing demand in Flywire’s largest market for international payers.
- In March, Flywire and Nigeria-based Flutterwave entered into a new partnership to make it easier for banks and businesses to process international payments from across Africa. Nigeria is a thriving market for cross-border payments and the number one source of international students and patients from Africa.
- In May, Flywire Expanded its London headquarters to support its strong growth across Europe. The company quadrupled the size of its previous location, providing substantial room for future growth.
- In October, Flywire partnered with Deutsche Bank and the Reserve Bank of India (RBI) to streamline the onshore collection of Indian rupee for student fees by digitizing the cumbersome paperwork and declarations requirements for transferring funds abroad from India. India is the second leading source of international students, trailing only China.
Strategic Global Partnerships
- In June, Flywire announced a partnership with UnionPay, one of the world’s largest payment card networks. The agreement makes it easier for more students from China to pay their international tuition fees via their preferred methods and at reduced fees.
- Flywire is now one of the leading channels for payments to the US for UnionPay, reflecting the continued strong growth in international students and patients originating from China.
$100M in New Funding
- In July, Flywire raised $100 million in new venture funding 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. The funding was led by Singapore-based Temasek, providing Flywire with valuable insights and relationships in the fast-growing Asia-Pac market.
“Our ability to address the core pain points that exist in complex payment and receivables processes is very well aligned with a growing need in the market—both domestically and internationally,” said Mike Massaro, CEO of Flywire. “Our team, both our employees and our investors, have put us in a great position to capitalize on a massive opportunity.”
Flywire solves complex payment problems for businesses and institutions to empower new opportunities globally and locally. The company processes billions in payments per year, connecting all the entities involved to make those transactions faster, more secure, less expensive, and more transparent. Clients in business, education, and healthcare use Flywire’s full-service platform to tailor the payment experience for their customers and to create a single point of visibility and control for payer engagement and receivables management—from invoicing and payment through reconciliation. Flywire also supports its clients with end-to-end customer support including multilingual servicing via phone, email, and chat, as well as around-the-clock online payment tracking.
The company is headquartered in Boston and has offices in Chicago, London and Manchester (UK), Valencia (Spain), Shanghai, Singapore, Tokyo, Cluj (Romania), and Sydney. For more information, visit www.Flywire.com.