The main investors are Temasek, a Singapore investment company with a $235 billion portfolio, which led this round of investment, with existing backers Bain Capital Venture and Fidelity’s F-Prime Capital also featuring prominently.
“Additional investment from Temasek will help us take full advantage of the potential”
Formally known as peerTransfer, Flywire was founded in 2009 by Spanish entrepreneur Iker Marcaide and solves international students’ international fund transfer issues, along with streamlining other cross-border payments.
The firm, which is based in Boston with offices around the globe, claims to have processed over $8bn in international transfers since 2009.
Mike Massaro, CEO, put the company’s success down to its ability to iron out complex issues in international fund transfer systems.
“By taking the friction out of initiating, processing and reconciling large-sum international and domestic payments, we empower our clients to capitalise on their business opportunities and optimise their customer relationships,” he said.
“The potential for Flywire is massive and the additional investment and guidance from Temasek will help us take full advantage of it,” he added.
The new investment round, and significant capital acquired, comes off the back of a year of expansion and growth. Flywire has moved into Singapore, China, Japan, Australia and Ireland, and stated 80% international growth since summer 2017.
Matt Harris, managing director at Bain Capital Ventures (a current investor) said the new capital will help Flywire grow in the APAC region, which the company itself has stated as aim for the next 12 months.
“The company has consistently outperformed expectations and demonstrated its ability to run and grow a global business at scale,” he said.
“The addition of Temasek optimises their ability to capitalise on that opportunity and provides really valuable insights into the fast-growing Asia–Pac market.”
Along with expanding in Asia–Pacific, the firm aims to move into the Latin American, Middle East and African markets in 2019.