Goldman Sachs CEO David Solomon. image by World Economic Forum/Sandra Blaser, under CC BY-NC-SA 2.0 license

Flywire, a Boston, Massachusetts-based payments startup, has announced $120 million in Series E funding led by banking giant Goldman Sachs. The company also announced that it has acquired Simplee, a Palo Alto-based company that develops payment systems for the healthcare industry.

The Series E funding brings the total amount raised by Flywire to $260 million. Alongside Goldman, new investors Tiger Management and Adage Capital Management participated in the funding also alongside other existing investors. The investment is said to value Flywire at more than $1 billion.

Flywire develops cross-border payment systems that are tailored for customers in the healthcare, education, travel, and business sectors. The company has processed more than $12 billion in payments for more than 2,000 clients globally since inception.

Armed with its new acquisition, Simplee, Flywire says it’ll power payments for four of the top ten US healthcare systems representing more than $10 billion in annual patient payments.

Simplee’s acquisition price isn’t disclosed. Prior to being acquired, the Palo Alto-based firm raised some $36 million in venture capital funding.