Boston-based global education payments platform Flywire announced Thursday the acquisition of the smaller Warrington, U.K.-based Uni-Pay. Flywire declined to disclose the terms of the transaction.
Through the deal the company, formerly known as peerTransfer, will form relationships with 60 new educational institutions in the U.K., bringing its slate of customers to over 800 schools across 12 countries. The company is expanding internationally and hopes to broaden its range of education payments, as well as add other industries.
Uni-Pay’s six employees will join Flywire, bringing the company’s employee count to 90 worldwide. This will also add an European office to the company, which also has bases in London and Valencia, Spain.
Flywire’s cloud-based system allows schools to process tuition and other payments from international students at the lower currency conversion rates afforded by bulk transactions.
Client schools will now have the choice to use either Uni-Pay or Flywire’s platforms to process payments.
“That’ll be customer-driven. I’m sure some customers like the Uni-Pay platform,” said Flywire spokesman Tim Walsh. They will also have the option to use the Flywire capability platform instead.”
Flywire raised $22 million earlier this year. The company predicts that by the end of this school year, its platform will have processed $2 billion in tuition payments.