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CompanyProfile

ISO/MLS contact:
Raela Ripaldi
Director of Marketing
raela@flywire.com
617-329-4524

The universal language of currency

hen international Massachusetts Institute tion. Flywire's global collection network and processing
of Technology student Iker Marcaide platform provide a single point of management and payer
had trouble wiring tuition money over- engagement, from invoicing and payment through rec-
W seas, he decided it was time to craft a onciliation. This capability addresses critical needs for
new kind of international payments model. Two years billers that deal with complex, large-sum payments. The
later, Marcaide's inspiration resulted in the formation of platform also offers around-the-clock payment tracking,
Flywire, a money transfer business that was already prov- security and compliance, analytics, multilingual support,
ing it could process international payments for education and ready access to discounted foreign exchange rates for
institutions with less time, aggravation and cost for both international customers. Recently, Flywire implemented
payers and receivers. new machine learning capabilities to improve payment-
to-settlement time, increase security and reduce costs
Nonstop growth and disruption for both payers and receivers through automation and
Marcaide invited Mike Massaro to join Flywire to head streamlined reconciliation.
sales and marketing in 2012. In 2013, Massaro took the
helm as CEO. According to Massaro, he saw a founda- "The recent addition of advanced machine learning capa-
tional business model and support structure that could bilities enables organizations to automate the reconcilia-
be quickly and easily tailored to meet the unique global tion of a higher percentage of their payments, while also
payment needs of different markets. Massaro recognized removing more of the potential risks that can negatively
the advancement of Flywire's business model and how it impact fundamental parts of their business," said Jason
uniquely scales, but with less risk for stakeholders than Moens, vice president of product at Flywire.
traditional educational payment models.
The Flywire team has also been rebranding and integrat-
Massaro has led the Boston-based firm's expansion into ing the OnPlan platform, acquired by Flywire in 2018.
education payments across North America, Europe and The capabilities of this platform increase Flywire's pres-
Asia Pacific (APAC), adding new revenue channels into ence in education and healthcare, which according to
the $40 billion international healthcare and $8 trillion Massaro, represent two of the company's key markets.
cross-border commercial payments markets. The compa- "Flywire Healthcare has seen 100 percent growth since
ny has also raised $100 million in venture funding, tripled the acquisition, launching more than 75 new hospitals on
its personnel and engaged in four strategic acquisitions. its responsive payment platform, helping the hospitals
address patient financial needs to settle balances faster
"Our ability to address the core pain points that exist in and on mutual terms," Massaro said.
complex payment and receivables processes is very well Onward and outward
aligned with a growing need in the market – both domes-
tically and internationally," Massaro said. Today, Flywire Flywire has also expanded its physical presence in APAC
services over 1,700 businesses and institutions on six con- and Europe and entered into new partnership agree-
tinents, processing more than $5 billion annually from ments with entities such as payments API Flutterwave,
220 countries and territories in over 120 different local Deutsche Bank, the Reserve Bank of India and UnionPay,
currencies. all to respond to high growth volume across international
regions. And, with over $10 billion in payments processed
Evolving capabilities to date, Flywire expects this number will continue to rise
Flywire offers full-service billing, payment and receiv- with its concentration on the regions of Latin America,
ables solutions connecting a multitude of entities across Europe, and the Middle East. According to Andrew Ong,
the world. The firm's products enable customers with managing director of Flywire in APAC, "We have seen a
highly tailored digital payment experiences that can be significant ramp up in the number of APAC-based clients
customized by business, country, currency and institu- over the past 24 months, and this demonstrates the strong
demand and opportunity for Flywire in the region."
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