Global payment solutions company peerTransfer is rebranding as Flywire and expanding its US and European operations, after seeing its payment volume and revenue double in the last year.
The company hopes its change will better reflect its role in order to build brand recognition and trust among its client base.
“The office expansions help us address the rapid growth we’ve experienced in our existing business and also give us the room to capitalise on additional growth opportunities”
“We want to be the brand that international citizens trust for large cross-border payments – in education and beyond,” a spokesperson told The PIE News.
The company has also opened new US headquarters in Boston, and has relocated its office in Valencia, Spain to double capacity.
“The office expansions in Boston and Spain help us address the rapid growth we’ve experienced in our existing business the last six months and also give us the room to capitalise on additional growth opportunities in education as well as other adjacent markets that require large, cross-border payments,” the spokesperson said.
Flywire processed US$1bn in cross-border payments in the 2014-15 academic year, and says it is on track to process over $2bn this year. Earlier this year it raised $22m in venture capital which is helping to fund the growth strategy.
To date, the US has been the largest growth region, accounting for 690 of Flywire’s 750 institutions clients. The fastest growing countries of origin are China, India and South Korea.
This growth prompted the opening of an office in Shanghai earlier this year coinciding with reforms making it easier for foreign companies in the financial services sector to do business in China.
