International payment solutions provider Flywire has received $100m in its Series D round of funding.
The investment was led by Temasek, with participation also coming from existing backers Bain Capital Ventures and F-Prime Capital.
Flywire is a global payment network and processing platform for both international and domestic transfers. The company has helped to process $8bn in payments for other 1,400 clients in business, education and healthcare transactions.
The company offers a single point of management and payer engagement, supporting customers from billing and payment to reconciliation.
Over the past year, Flywire has seen significant growth across all of its regions of operation. The company has seen 170 per cent growth in Asia-pacific, 100 per cent growth in Europe and the healthcare space, and an overall growth internationally of 80 per cent.
The company also expanded its operations to Singapore, China, Japan, Australia and Ireland, over the course of the past 12 months.
This capital injection will be used to accelerate growth in North America, Europe and Asia-Pacific, as well as to build a foothold within emerging markets like Latin America, the Middle East and Africa. Flywire also hopes to expand its share in the payments and receivables space and developing new domestic payment capabilities, which have come through its recent acquisition of OnPlan.
Flywire CEO Mike Massaro said, “Our strong growth is a direct result of our ability to solve the difficult pain points that exist in complex payment processes.
“By taking the friction out of initiating, processing and reconciling large-sum international and domestic payments, we empower our clients to capitalize on their business opportunities and optimize their customer relationships.”
Earlier in the year, Flywire acquired healthcare and education payment solution to help both industries better manage their finances. The company’s healthcare solution offers organisation a way to automate the bill settlements of patients, while its education division gives students a solution to automate student billings for colleges and universities.
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