Rapid growth and new market opportunities propel company in education and beyond
peerTransfer, the leading provider of global payment solutions for the education industry, today announced the relocation and expansion of its US and European offices in Boston, MA and Valencia, Spain. Necessitated by the company’s doubling in payment volume and revenue in the last 12 months, the new state-of-the-art locations will facilitate continued innovation and make room for critical growth in engineering, sales, marketing and operations capacity.
The company also announced it is rebranding as Flywire. The name change positions the company for sustained growth, expansion of its products and services, and creation of lasting relationships with its payment users. Effective today, the Flywire and peerTransfer logos appear on the peerTransfer website. Over time, the company will phase-out the peerTransfer name entirely.
“We started out four years ago serving colleges and universities as the first truly global payment processor for education clients,” said Rob Rosenblatt, Flywire’s chief customer officer. “Since then, we’ve built a platform that is completely modular, supporting any currency, any payment vehicle, including alternative payments such as Alipay, and any type of institution serving international consumers. The Flywire name is rooted in our desire and vision to serve as the trusted provider for high-ticket payments that cross international borders. In today’s world consumers are global, with opportunities to study, live, travel and explore around the world. Flywire will become the brand they trust for reliable, transparent payments in a world without borders.”
The new Flywire serves over 750 educational institutions in the US, Europe and Asia with students making international payments from over 200 different countries. The company processed $1B in cross-border payments in the 2014-15 academic year, and is on-track to process over $2 billion this year. In July, the company announced its expansion into China, the world’s largest market for students studying abroad. It raised $22M in venture capital in early 2015.
New Expanded Headquarters in Boston and Valencia, Spain
Flywire’s new US headquarters overlooks historic Boston Common utilizing a complete open-architecture construct. The expanded square footage accommodates a doubling in the size of its US employee base and offers sweeping views of the city while providing flexible stand-up and group meeting spaces to facilitate increased communication and collaboration. The space is unique for downtown Boston, and the company expects it will help in its efforts to attract local and national talent in the areas of product, sales and marketing. Photos of the new Boston office space are available here.
The company has also relocated and doubled its Valencia, Spain location, now known as Flywire Europe. Occupying two floors in a landmark building in the heart of Valencia, Flywire Europe includes a state-of-the-art development facility as well as dedicated space for the company’s engineering, customer service, operations, IT and accounting teams.
“Our new world-class facilities in Boston and Valencia were necessitated by the growth of our core education payments business, as well as the significant market opportunity we have with adjacent products and services,” said Mike Massaro, CEO of Flywire. “Each space was custom-designed to create a highly productive, collaborative environment that reinforces our unique company culture. Both are conveniently located in city hubs, and each is a one-of-a-kind work space in its own way that we think will support our recruiting efforts.”
peerTransfer, now Flywire, is the leading provider of global payment solutions for the education industry, providing processing, tracking and reconciliation services for over 750 educational institutions worldwide. The company offers an easy-to-use, economical payment experience for international students from over 200 countries and territories. Using local bank transfers, online payments, and credit and debit cards denominated in local currencies, students can more easily and confidently pay for their international tuition, room and board at educational institutions around the world. Flywire’s discounted currency conversion rates can offer significant savings compared to home-market banks and credit card providers and the company offers outstanding customer service and payment monitoring for both students and universities. Brown University, Cornell, MIT, University of Miami, University of Massachusetts–Amherst and University of Western Australia are just some of the schools offering the service to their international students.
Flywire is headquartered in Boston and has operations in Europe, Asia and Australia.