Total amount raised
$583.3 Millions
Latest funding date
8/1/2023
Location
Flywire has successfully raised significant capital through multiple funding rounds, attracting a diverse group of investors. The company's innovative platform simplifies complex payments across various sectors, including healthcare, education, and travel.
Keep reading to explore the intricacies of Flywire's fundraising journey and the investors backing this dynamic platform.
What Is Flywire?
Flywire, founded in 2011 by Iker Marcaide, is headquartered in Boston, Massachusetts. The company specializes in global payments and software solutions, simplifying complex transactions for clients across various sectors.
With a proprietary payments network and next-gen platform, Flywire supports over 4,000 clients in more than 240 countries and territories. Their services span industries such as education, healthcare, travel, and B2B, offering tailored invoicing, secure transactions, and simplified payment reconciliation.
Flywire employs between 1,001 and 5,000 people, known as "FlyMates," who represent over 40 nationalities and speak more than 35 languages. The company continues to expand its global reach and client base, driven by innovation and a commitment to customer support.
How Much Funding Has Flywire Raised?
- Seed Round
- Amount Raised: $1.1M
- Date: October 2010
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial platform and launch the business.
- Series A
- Amount Raised: $7.5M
- Date: August 2011
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform.
- Series B
- Amount Raised: $6.4M
- Date: June 2013
- Lead Investors: QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and enter new markets.
- Series B
- Amount Raised: $6.2M
- Date: January 2014
- Lead Investors: F-Prime Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and improve technology.
- Series C
- Amount Raised: $22M
- Date: January 2015
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance service capabilities.
- Series D
- Amount Raised: $100M
- Date: July 2018
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand globally and invest in new technologies.
- Series E
- Amount Raised: $120M
- Date: February 2020
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and enhance healthcare payments business.
- Series F
- Amount Raised: $60M
- Date: March 2021
- Lead Investors: Marshall Wace, Sunley House Capital Management, Whale Rock Capital Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhance product offerings.
- Post-IPO Equity
- Amount Raised: $260.1M
- Date: August 2023
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel further expansion and innovation post-IPO.
Total Amount Raised: $583.3M. Current Valuation: Not publicly disclosed.
Key Investors
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. It provides a wide range of financial services to a substantial and diversified client base.
- Investment Focus Areas: Investment banking, securities, investment management, financial services.
- Notable Investments: Uber, Facebook, Spotify.
- Temasek Holdings
- Details: Temasek Holdings is a Singaporean investment company owned by the Government of Singapore. It manages a net portfolio of over $300 billion, focusing on sustainable long-term returns.
- Investment Focus Areas: Financial services, telecommunications, media & technology, transportation & industrials.
- Notable Investments: Alibaba, Airbnb, Gojek.
- Bain Capital Ventures
- Details: Bain Capital Ventures is the venture capital division of Bain Capital, one of the world's leading private investment firms. It focuses on early to growth-stage investments in technology companies.
- Investment Focus Areas: Fintech, healthcare, software, infrastructure.
- Notable Investments: LinkedIn, DocuSign, Jet.com.
- Marshall Wace
- Details: Marshall Wace is a London-based hedge fund management firm. It is known for its quantitative and systematic investment strategies.
- Investment Focus Areas: Public equity, hedge funds, quantitative strategies.
- Notable Investments: Not publicly disclosed.
- QED Investors
- Details: QED Investors is a leading venture capital firm focused on investing in early-stage, disruptive financial services companies. It was founded by Nigel Morris, co-founder of Capital One.
- Investment Focus Areas: Fintech, insurtech, proptech.
- Notable Investments: Credit Karma, SoFi, Avant.
What's Next for Flywire?
Flywire's future looks promising, with significant opportunities in the healthcare payments sector following its acquisition of Simplee. This move positions Flywire to enhance patient engagement and streamline payment processes, potentially increasing its market share in a rapidly digitizing industry. The company's robust global payments network also offers growth potential across education, travel, and other verticals.
Future fundraising seems likely, given the successful Series E round led by Goldman Sachs. This financial backing could support further expansion and technological advancements. However, Flywire may face challenges integrating Simplee's platform and navigating regulatory landscapes across different markets. Maintaining a competitive edge in the evolving fintech space will be crucial.
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