Flywire, which provides payment processing software to education, healthcare, and travel, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $300 million.
Flywire provides a global payment network and vertical-specific payment software to clients in specific industries. The company aims to provide personalized omni-channel payment experiences that combine invoicing tailored to specific clients and flexible payment options. The company currently serves over 2,250 clients around the world, including more than 1,900 education institutions, 80 healthcare systems, and 200 travel and B2B clients.
The Boston, MA-based company was founded in 2009 and booked $144 million in sales for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol FLYW. Flywire filed confidentially on March 11, 2021. It had been on our Private Company Watchlist since February 2020. Goldman Sachs, J.P. Morgan, Citi and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
