Flywire

remittancesmobile/online remittancenetwork settlement

FOUNDING YEAR: 2009
LOCATION: United States
Last Update: 01/05/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

About

peerTransfer has been rebranded as Flywire. Flywire is an online domestic and international payment platform that enables its users to make payments. It also offers a cross-border payment solution for patients traveling overseas for medical care. The company’s solution enables hospitals to offer international patients with various familiar online and offline payment options in multiple currencies. Recently, Flywire was selected for the 2019 Forbes Fintechh 50 startups list.

Focus

PRODUCTS & SERVICES

The company's cross-border platform accepts bank transfers, online banking, credit & debit cards, and claims to provide better exchange rates as compared to home-market banks and credit card providers. Once a user signs up, he/she can start a transfer process by selecting an institution, the amount in the institution's local currency, and selecting the payment method in the user's local currency. It also users to track the payment status.

REVENUE MODEL

Flywire is free to the institution and makes its money on the FX fees associated with the transactions. Flywire decides on a per currency, per transaction basis how they’ll hedge a transaction and take on the currency risk. And that one small decision – who pays and who subsidizes its platform – has had a huge impact on its business.

MAIN CLIENTS

MIT

Cornell

UTS & etc

EXISTING PARTNERSHIPS

ECSI

Ellucian

Nelnet

Oracle

Sallie Mae

Digital River

Traction

VALUATION / MARKET CAP:

$700 M in 2018

VALUATION COMMENT:

According to third party data sources, the company's valuation is at $700 Mn. (Jul. 2018)

REVENUE

$10M+ in 2018

REVENUE COMMENT:

The company claims that its annual revenue will reach $100 million by the end of 2018.

TRANSACTIONS VALUE:

$4 B in 2018

TRANSACTIONS COMMENT:

The platform has processed the value of the transaction of $4 billion in 2018. (Feb. 2019)

ACTIVE USERS COMMENT:

The company has 900 higher education customers, including seven of the eight Ivy League colleges.

People

FOUNDERS

Iker Marcaide

BOARD MEMBERS AND ADVISORS

Joseph Mercurio

Brad Williams

Ronald Martin

Antonio Pecora

NUMBER OF EMPLOYEES

201-500

INVESTORS:

Accel Partners

and 500 Startups.

Bain Capital Ventures

Boston Seed Capital

FPrime Capital Partners

JME Venture Capital

Kibo Ventures

Maveron

Project 11 Ventures

QED Investors

RIESE & OTHERS

Spark Capital

Temasek

KEY EMPLOYEES:

Mike Massaro (CEO)

Momentum

FUNDED

YES

TOTAL FUNDING

$143.2 M

DATE OF LAST FUNDING

Jul 2018

TOTAL FUNDING COMMENT

The company will use the funds to accelerate its growth in North America, Europe, and Asia-Pacific while also establishing a presence in emerging markets such as Latin America, Africa, and the Middle East. (Jul. 2018)

SEED & PRIOR FUNDING

$1.1 M

SEED CLOSED ON

Oct 2010

FUNDING SERIES

SERIES A  · $7.5 M  · Aug 2011

SERIES B  · $12.6 M  · Jan 2014

SERIES C  · $22 M  · Jan 2015

SERIES D  · $100 M  · Jul 2018

LISTED

NO

BASICS

FOUNDING YEAR:

2009

LOCATION:

United States

Views:

295 VISITORS | 452 VIEWS
LATEST FUNDING ROUND

$143 M

TOTAL EMPLOYEES
201-500

About

peerTransfer has been rebranded as Flywire. Flywire is an online domestic and international payment platform that enables its users to make payments. It also offers a cross-border payment solution for patients traveling overseas for medical care. The company’s solution enables hospitals to offer international patients with various familiar online and offline payment options in multiple currencies. Recently, Flywire was selected for the 2019 Forbes Fintechh 50 startups list.

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

Focus+
Momentum+
Traction+
People+
Other+

Join the exclusive global FinTech community

Be a part of the global FinTech community on Slack