Flywire Lands $120M In Series E Funding From Goldman Sachs

Flywire, a Boston based payment startup company, has raised $120 million in Series E funding led by Goldman Sachs with the existing investor Temasek Holdings. Adage Capital Management and Tiger Management also joined the funding. 

With this deal, the total funding of Flywire has touched the $260 million mark. It aims to use the funding to develop and expand digital payment services in the healthcare, travel, and education sector.    

Founded by Tomer Shoval in 2010, Simplee is a healthcare service provider, which advances payment processing software in the healthcare industry. 

 Founded in 2011, Flywire helps customers to make payments without any inconvenience in the transaction. It allows you to make payments in hospitals, universities, and B2B companies. Back in 2009, it was started by Spanish entrepreneur Iker Marcaideas as a peerTransfer for tuition payments for students. Later, it collaborated with Boston University, Carnegie Mellon, and Cornell.

The 70 member staff of Simplee has now come under Flywire and will be known as 'flymates'. This addition of employees has brought the total headcount of the company to 540 across 12 offices globally. In addition, the firm will gradually recruit 100 more employees by the end of 2020, Mike Massaro said. 

Mike further said that the acquisition with Simplee allows Flywire to enhance its payment technology and come up with a more effective and cost-efficient application for the clients.

Flywire is partnered with card companies like MasterCard, Amex, and Visa, with some payment processing companies such as Square, Adyen, and Paypal. Flywire software is connected with banks for universities and hospitals because the high amount of transactions is in a process every day, which can be in million, billion and trillion. 

Flywire charges a very nominal transaction fee, which is 1% to 2%, as other companies charge 3% to 5%. Flywire also offers you foreign currencies with less conversion rate.