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Flywire Corporation (symbol: FLYW) is a global leader in providing high-ticket cross-border payment solutions. The company, which was formerly known as peerTransfer, offers a scalable and secure payment platform that connects institutions on six continents with consumers worldwide. Founded to assist international students with paying their tuition fees, Flywire now serves over 800 educational institutions, processing payments from students in more than 200 countries and territories in over 100 local currencies.
Flywire's platform is designed to be convenient, fast, and secure, accepting bank transfers, online banking, and credit & debit cards. The platform also offers currency conversion at competitive exchange rates, resulting in significant savings compared to traditional banks and credit card providers. The end-to-end customer experience is enhanced through multilingual support available via phone, email, and chat, alongside 24/7 online payment tracking.
Headquartered in Boston, MA, Flywire's reach extends globally through additional offices around the world. The company's solutions are built on three core elements: a payments platform, a proprietary global payment network, and vertical-specific software backed by deep industry expertise. The bulk of Flywire's revenue comes from the Americas.
Flywire leverages its vertical-specific software and technology to integrate seamlessly with existing accounts receivable workflows for clients across education, healthcare, and travel verticals, as well as key B2B industries. The company also integrates with leading ERP systems like NetSuite, optimizing the payment experience and eliminating operational challenges.
In recent news, Flywire continues to expand its client base and global presence, supporting over 3,800 clients with diverse payment methods in more than 140 currencies across 240 countries and territories. The company has also recently signed over 200 new clients in the first quarter of 2024, reflecting its strong market penetration and growth potential.
Flywire's commitment to innovation and customer satisfaction is demonstrated through its strategic partnerships and community initiatives. Notably, Flywire is the title sponsor for Major League Table Tennis' championship weekend, highlighting its involvement in promoting burgeoning sports leagues.
For more information, visit www.flywire.com and follow Flywire on social media platforms like X (formerly known as Twitter), LinkedIn, and Facebook.
Flywire (Nasdaq: FLYW) has acquired Invoiced, a SaaS platform for B2B finance teams to automate the order-to-cash process. This acquisition aims to enhance Flywire's B2B payments business by expanding its software suite for global clients. Invoiced's platform manages invoices, communicates with payers, and reconciles payments to ERP systems, integrating with leading accounting systems like Oracle's NetSuite and Microsoft Business Dynamics.
The combination of Invoiced's A/R automation software with Flywire's global payment network is expected to provide a full-suite software and payments solution for the B2B industry. Flywire estimates its target B2B segment to be responsible for approximately $10 trillion in global payment volume. The acquisition is projected to add about $2M of revenue with software-like gross margins in FY 2024.
One Inc, a leading digital payments network for the insurance industry, has appointed Michael Ellis as its new Chief Financial Officer, effective August 5, 2024. Ellis brings over 30 years of experience in scaling payment technology companies, including his role as CFO at Flywire (NASDAQ: FLYW), where he led the company through its 2021 IPO. In his new position, Ellis will oversee One Inc's financial activities and collaborate with CEO Ian Drysdale to guide the company's future direction.
The appointment comes as One Inc aims to expand its digital payments platform, foster product innovation, and create new opportunities for modern insurers. The company currently handles annual payments of USD 81 billion, serves over 245 insurance industry customers, and has a network of over 760,000 vendors.
One Inc, a leading digital payments network for the insurance industry, has appointed Michael Ellis as its new Chief Financial Officer, effective August 5, 2024. Ellis brings over 30 years of experience in scaling payment technology companies, including his role as CFO at Flywire (NASDAQ: FLYW), where he led the company through its 2021 IPO. In his new position, Ellis will oversee One Inc's financial activities and collaborate with CEO Ian Drysdale to guide the company's future direction.
The appointment comes as One Inc aims to expand its digital payments platform, foster product innovation, and create new opportunities for modern insurers. The company currently handles annual payments of USD 81 billion, serves over 245 insurance industry customers, and has a network of over 760,000 vendors.
Flywire (Nasdaq: FLYW), a global payments enablement and software company, has announced that it will release its second quarter 2024 financial results after market close on Tuesday, August 6, 2024. The company will host a conference call to discuss these results at 5:00pm ET on the same day.
The call will be led by key executives including Mike Massaro (CEO), Rob Orgel (President and COO), and Cosmin Pitigoi (CFO). Investors and interested parties can access the live webcast of the conference call through Flywire's investor relations website at https://ir.flywire.com/. A replay of the call will also be made available on the same website following the event.
Flywire (FLYW) has expanded its capabilities in India to streamline student loan payments for Indian students studying abroad. The company has partnered with HDFC Credila, India's largest independent student loan provider, to enable seamless disbursement of loan payments in Indian Rupees to global higher education institutions.
This partnership aims to simplify the complex process of cross-border education payments, addressing issues like Tax Collected at Source (TCS) calculations and maintaining visibility of fund flows. Flywire estimates the Indian student loan market opportunity at $3+ billion in annual payment volume.
The collaboration comes as student loans in India are experiencing high demand, with NBFCs witnessing over 43% growth in their education loan book in the first half of 2023. Flywire has also established direct integrations with India's three largest banks and expanded its support services to enhance its footprint in the region.
Flywire 's latest survey highlights the importance of improving cross-border B2B payment experiences for business growth. Conducted among 460 B2B payers across Latin America, the Middle East, and Africa, the survey reveals that 94% of respondents would embrace innovations easing cross-border payments. Key findings include that 82% have delayed payments due to foreign exchange (FX) complexities, and 88% have faced delays due to dealing with bills in another currency. Security remains a top concern, with 88% worried about fraud. Moreover, 70% of businesses have stopped dealing with international vendors due to poor payment experiences. Flywire’s B2B solution aims to address these issues by offering a seamless, digital, and localized payment experience.
Flywire (Nasdaq: FLYW) has expanded the availability of its third-party invoicing solution to improve efficiency and cash flow for higher education institutions. The solution streamlines payments from third-party sponsors such as corporate employers and government agencies, reducing administrative burdens and accelerating revenue collection. With a global payment network supporting over 140 currencies, Flywire's system allows institutions to issue, track, and manage invoices more effectively. Key benefits include a 20% reduction in A/R collection times and a 70% increase in timely tuition payments. This expansion aims to support continuous enrollment and administrative efficiency for institutions worldwide.
Flywire (Nasdaq: FLYW) will be attending several investor conferences in May and June 2024, including J.P. Morgan Technology, William Blair Growth, Morgan Stanley US Financials, and RBC FinTech conferences. The Company's management team will participate in fireside chat discussions at these events, which will be webcast live and available for replay on Flywire's investor relations website.
Flywire (Nasdaq: FLYW) reported a 21% increase in revenue in the first quarter of 2024, reaching $114.1 million. Net loss was $6.2 million, up from $3.7 million in the same period in 2023. Total Payment Volume rose by 23% to $7.0 billion. The Company signed over 200 new clients, strengthened its management team, and expanded partnerships with key entities. Flywire projects revenue of $491 to $519 million for Fiscal-Year 2024.
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