Flywire raises $100m to pursue new markets
Flywire has raised $100 million in new venture capital to continue expanding its B2B cross-border payments platform beyond educational institutions to more corporations.
The funding builds on Flywire’s recent expansion to companies in the Asia-Pacific region and higher volume in its health care payments business, Flywire said in a Thursday press release.
Singapore-based Temasek led the round with additional funds supplied by existing investors Bain Capital Ventures and F-Prime Capital, Flywire said in the release.
Boston-based Flywire has raised about $143 million in venture funding since its launch in 2009, and the company said it will use the new investment to continue growth in existing markets while establishing a foothold in Latin America, the Middle East and Africa.
Flywire is poised to expand as digital technology streamlines payments and receivables for businesses and institutions, said Matt Harris, Bain Capital Venture’s managing director, in the release. “Flywire has consistently outperformed expectations and demonstrated its ability to run and grow a global business at scale,” he added.