Flywire has furthered its expansion into the UK market after acquiring UK-based education payments firm WPM.
WPM is known as a “leading” software provider that enables “seamless and secure payment experiences” for universities and college in the UK.
The addition will augment Flywire’s existing capabilities with WPM’s software, and the integration is expected to “deliver and even grater value to clients” through Flywire’s platform, the company said.
Founded in 2000, WPM services millions of payers via its platform that is catered towards institutions, as well as providing strategic consulting and industry research and events.
WPM already integrates over 130 university systems and powers 170 university and college clients.
“WPM’s strong client centric approach is a perfect fit with Flywire and will allow us to accelerate our expansion in the UK higher education market,” said Flywire CEO Mike Massaro.
The acquisition comes at a crucial time for the UK higher education industry, after London Economics said international students alone contribute approximately £28.8 billion to the UK economy.
“Flywire has been an innovator and leader in software and payments across many major sectors of the global economy”
In a further study by Flywire, 77% of international students said a simplified payment experience “would improve their higher education experience”.
“Flywire has been an innovator and leader in software and payments across many major sectors of the global economy, including education,” said WPM director and co-founder Holger Bollmann.
“I’m thrilled to be joining the Flywire team along with all of the WPM team to continue to deliver great value for our clients,” Bollmann added.
Flywire has seen a “strong adoption” of its digital payments platform and solutions through market demand since entering the UK market in 2015, and the acquisition will “serve to fortify a key geographic end-market”.
The acquisition itself is expected to be “accretive to revenue and growth” over the next year, and according to the firm, will be “factored into future company guidance”.
A recent survey of finance professionals at universities said more than 80% think payment options tailored to individual student needs are “attractive alternatives” to traditional, one-time payments.
