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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.
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.
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.
UTS & etc
$700 M in 2018
According to third party data sources, the company's valuation is at $700 Mn. (Jul. 2018)
$10M+ in 2018
The company claims that its annual revenue will reach $100 million by the end of 2018.
$4 B in 2018
The platform has processed the value of the transaction of $4 billion in 2018. (Feb. 2019)
The company has 900 higher education customers, including seven of the eight Ivy League colleges.
Mike Massaro (CEO)
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)
$100M to $500M
SERIES A · $7.5 M · Aug 2011
SERIES B · $6.2 M · Jan 2014
SERIES C · $22 M · Jan 2015
SERIES D · $100 M · Jul 2018
SERIES E · $120 M · Feb 2020
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