Payments firm Flywire closes $60m Series F round

International payments company Flywire has closed a $60m Series F funding round to continue its international development.

The round was led by Whale Rock Capital Management, Marshall Wace and Sunley House Capital. Previous Flywire backers Spark Growth, Goldman Sachs, Temasek and Adage Capital Management also joined the round.

Flywire stated investors also purchased outstanding shares from certain existing shareholders.

Capital from the round will be used to help Flywire invest into its platform, network and software. Funds will also be used to further global client expansion, develop its strategic and channel partners ecosystem, enter new global markets and make strategic acquisitions.

Over the past year, the company has signed more than 500 new clients, scaled into new countries and grew its operations.

The FinTech company digitalises payments for over 2,270 clients and processes payments in 240 countries and territories. Its platform is used by companies in the education, healthcare and travel industries.

Whale Rock Capital Management partner Andrew Frank said, “The benefits Flywire delivers to its clients extend well beyond payment processing. The combination of Flywire’s next-gen payments platform, proprietary global payment network and vertical-specific software enables Flywire’s clients to transform payments into a value-driver for their organizations. We’re excited to be participating in this round during an important phase for the company.”

The FinTech previously raised $120m in its Series E funding round, which was led by Goldman Sachs.

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