Flywire rakes in funding and acquires healthcare business

Cross-border payments company Flywire has bagged $120m in its Series E as it looks to move into more verticals including education, healthcare and travel.

The investment, which brings its total funding efforts to $260m, was led by Goldman Sachs. Tiger Management and Adage Capital Management joined the round as first-time backers, while additional participation also came from previous backers.

Alongside the funding round, the company has acquired healthcare technology platform Simplee so it can help optimize the digital payments and patient engagement experience in healthcare and scale its payment service.

The acquisition of Simplee will provide patients and providers to settle payments quicker and on their own terms.

Simplee is an analytics-powered platform which leverages information from billions of patient interactions and healthcare interactions to make recommendations for patient payments and engagement.

The Flywire solution is a global payment network and processing platform for international and domestic transfers.

Flywire CEO Mike Massaro said, ?Flywire is uniquely built on a global payments network, which is the cornerstone of how we move billions of dollars across 200+ countries and 150 currencies, and an industry-leading payments platform.

?This digital foundation enables us to develop vertical-specific applications that make payments more efficient and cost-effective for our global clients. The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base.p>

The FinTech startup closed a $100m Series D round in 2018 from backers including Temasek, Bain Capital Ventures and F-Prime Capital.

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