- General
- July 27, 2018
- 4 minutes read
Fintech startup Flywire gets $100 million Series D investment from Temasek, Bain and F-Prime
image credit : Flywire Boston based global payments provider Flywire has now raised $100 million in a Series D round…
image credit : Flywire
Boston based global payments provider Flywire has now raised $100 million in a Series D round led by Singaporean national wealth fund and major tech investor Temasek Holdings with participation also from Bain Capital and Massachusetts based VC firm F-Prime Capital.
Flywire is making use of this funding to accelerate its growth across the regions of North America, Europe, Asia Pacific and other markets as it aims to expand its share in the huge commercial payments and receivables space.
Flywire has processed over $8 Billion so far for over 1,400 clients since its inception and has now raised a total of $143 million in addition to this investment for the fintech company which focuses on foreign currency payments for businesses, colleges, hospitals and other institutions.
Flywire provides payment solutions for several institutions and began as a service dubbed peerTransfer which focused on providing easy payment solutions for students making payments for foreign universities.
Flywire has grown since then to expand its reach to several other organizations and commercial operations and also counts the likes of Accel, Spark Capital, QED, 500 Startups, 500 Hats and VC firm Maveron among others as notable backers.
Matt Harris, managing director at Bain Capital Ventures, stated “The company has consistently outperformed expectations and demonstrated its ability to run and grow a global business at scale. The addition of Temasek optimises their ability to capitalise on that opportunity and provides really valuable insights into the fast-growing Asia-Pac market.”
Flywire which was founded 9 years ago currently counts Hilton, Segway, Volvo and Expedia among its customers and has also partnered with over 1,300 educational institutions which all make use of its service to provide global payments to customers and students.
In the span of 12 months till now, Flywire expanded which into 5 major markets which consist of China, Australia, Singapore, Japan and Ireland.
“Our strong growth is a direct result of our ability to solve the difficult pain points that exist in complex payment processes,” Flywire chief executive Mike Massaro said. “The potential for Flywire is massive and the additional investment and guidance from Temasek will help us take full advantage of it.”
