Boston-based Flywire has made another move to diversify beyond its original cross-border tuition payments niche by acquiring Pace Invoice, a multi-currency invoicing platform enabling clients to more easily link outgoing cross-border invoices with incoming receivables.
Pace Invoice integrates with existing accounting systems and offers clients a white-label interface for preparing cross-border invoices and reconciling payments. Flywire will offer Pace’s invoicing capability as an option on its cross-border payments platform to provide an end-to-end solution, Flywire said in a Thursday press release.
“This acquisition fills a growing need for clients across all our industry sectors—business, education and health care…as cross-border invoicing is challenging,” said Mike Massaro, Flywire’s CEO.
Pace, based in London, anticipates a quick integration with Flywire, because the companies' platforms are complementary, said Pace CEO James Shattock in the release.
“Our invoicing capability meets an important cross-border business need for (Flywire’s) customers and can help Flywire’s expansion, especially in the B-to-B market,” Shattock added.
Pace launched last year with Startupbootcamp FinTech London; terms of the deal were not disclosed.