Cross-border Student Payment Startup Flywire Raises $120 Million
Posted on 02/17/2020
Formed in 2011, Flywire is a Boston-based vertical payments startup. The company raised US$ 120 million in a Series E round led by Goldman Sachs Group. Other investors in this round include Tiger Management, Adage Capital Management, and existing investor Temasek Holdings. Flywire claims to have processed over US$ 12 billion in total payments. Flywire generates revenue mostly from transactions and a portion from software revenue.
In addition, Flywire purchased Palo Alto, California-based Simplee, a payments software developer that focuses on the healthcare sector. Simplee raised more than US$ 36 million in venture funding.
Flywire got its chops in the cross-border tuition payments space.
