Total amount raised
$583.3 Million
Latest funding date
8/1/2023
Location
Flywire has successfully raised funding over 10 rounds, with the latest being a Post-IPO Equity round. The company is backed by 31 investors, including Sunley House Capital Management and Advent International.
Flywire's journey in the payments and software industry is marked by significant acquisitions, including 10 organizations, with Sertifi being the most recent. Keep reading to explore the intricacies of Flywire's fundraising journey and the investors backing this innovative platform.
What Is Flywire?
Flywire, founded in 2011, is a prominent player in the global payments and software solutions industry. Headquartered in Boston, Massachusetts, the company operates in sectors such as financial services, fintech, payments, service industry, and software.
With a workforce of over 1,200 employees, Flywire simplifies complex payments for clients across various industries, including healthcare, travel, B2B, and education. The company is known for its next-gen payments platform and proprietary global payment network, serving clients in more than 240 countries and territories.
How Much Funding Has Flywire Raised?
- Seed Round
- Amount Raised: USD 1,100,000
- Date: October 2010
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial payment solutions.
- Grant
- Date: November 2010
- Investor Count: 1
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and innovation.
- Series A
- Amount Raised: USD 7,500,000
- Date: August 2011
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and enhance the payment platform's capabilities.
- Series B
- Amount Raised: USD 6,200,000
- Date: January 2014
- Lead Investors: F-Prime
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series B
- Amount Raised: USD 6,400,000
- Date: June 2013
- Lead Investors: QED Investors
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand market reach and improve technology.
- Series C
- Amount Raised: USD 22,000,000
- Date: January 2015
- Lead Investors: Bain Capital Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance product offerings.
- Series D
- Amount Raised: USD 100,000,000
- Date: July 2018
- Lead Investors: Temasek Holdings
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support global expansion and technological advancements.
- Series E
- Amount Raised: USD 120,000,000
- Date: February 2020
- Lead Investors: Goldman Sachs
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the healthcare payments business and enhance patient engagement.
- Series F
- Amount Raised: USD 60,000,000
- 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 support continued growth and market expansion.
- Post-IPO Equity
- Amount Raised: USD 260,100,000
- Date: August 2023
- Lead Investors: Sunley House Capital Management, Advent International
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund acquisitions and technological advancements.
Total Amount Raised: USD 583,300,000. Current Valuation: Not publicly disclosed.
Key Investors
- Sunley House Capital Management
- Details: Sunley House Capital Management is a private equity firm that focuses on growth investments. They have been involved in various high-profile funding rounds, including Flywire's Series F.
- Investment Focus Areas: Technology, healthcare, financial services
- Notable Investments: Not publicly disclosed
- Advent International
- Details: Advent International is one of the largest and most experienced global private equity investors. They have invested in over 380 private equity transactions across 42 countries.
- Investment Focus Areas: Business and financial services, healthcare, industrial
- Notable Investments: Walmart Brazil, Olaplex, Sovos Brands
- Goldman Sachs
- Details: Goldman Sachs is a leading global investment banking, securities, and investment management firm. They led Flywire's Series E funding round.
- Investment Focus Areas: Investment banking, securities, investment management
- Notable Investments: Uber, Facebook, Spotify
- Tiger Management
- Details: Tiger Management is a hedge fund that focuses on public and private equity markets. They participated as a new investor in Flywire's Series E funding round.
- Investment Focus Areas: Public and private equity markets
- Notable Investments: JD.com, Alibaba, Flipkart
- Adage Capital Management
- Details: Adage Capital Management is a hedge fund that focuses on managing assets for endowments and foundations. They participated as a new investor in Flywire's Series E funding round.
- Investment Focus Areas: Public equity markets, long-term investments
- Notable Investments: Various investments in healthcare, technology, consumer sectors
What's Next for Flywire?
Flywire's future is brimming with opportunities, particularly in the healthcare payments sector. The acquisition of Simplee positions Flywire to enhance patient engagement and affordability, tapping into a market that processes over $10 billion in patient payments annually. This expansion is set to solidify Flywire's presence in the healthcare industry, leveraging its global payments network to offer vertical-specific solutions.
Given the successful Series E round led by Goldman Sachs, Flywire is well-poised for future fundraising. The company's growth trajectory and market expansion could attract additional investors, fueling further advancements and acquisitions. However, integrating Simplee's platform and navigating regulatory landscapes across different countries remain significant challenges. Maintaining a competitive edge in the rapidly evolving fintech industry will require continuous innovation and strategic investments.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Flywire and gather other critical business insights. Sign up for free to start transforming your sales strategy today.
