Today, Flywire is announcing a new round of funding, which was led by investment firms Whale Rock Capital Management, Marshall Wace LLP and Sunley House Capital, Advent International’s crossover fund. Existing investors, including Spark Growth (Spark Capital), Goldman Sachs, Temasek, and Adage Capital Management also participated in the round. Investors also purchased outstanding shares from certain existing shareholders.
The $60 million Series F investment comes on the heels of other important milestones for Flywire, which signed over 500 new clients in 2020, scaled into new countries and territories and grew its B2B business. To date, Flywire digitizes payments for more than 2,270 clients and processes payments in 240 countries and territories around the world.
The new round will help support ongoing investments across the company’s platform, network and software and support the company’s growth strategy, including:
- Ongoing global client expansions
- The development of its strategic and channel partners ecosystem
- Entry into new global markets
- Strategic acquisitions
Mike Massaro, Flywire’s CEO, commented:
“Flywire’s mission is to deliver the most important and complex payments. Funding from these new investors underscores our core value proposition to our clients and is a testament to our strong performance. We plan to use the investment to continue to deliver even greater value to new and existing clients, scale into new markets, for M&A and more. We look forward to ongoing partnership with our new investors.”
On their investment in Flywire, Andrew Frank, Partner at Whale Rock Capital Management says:
“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.
About Whale Rock Capital Management
Whale Rock Capital Management LLC is an Investment Adviser based in Boston. Since inception in 2006, Whale Rock has invested globally with a focus on the Technology, Media and Telecom sectors.
About Marshall Wace
Founded in 1997, Marshall Wace is a global alternative investment Manager. Marshall Wace combines fundamental investing with systematic and quantitative strategies utilizing proprietary systems and processes.
About Sunley House Capital
Sunley House Capital, an affiliate of Advent International, makes concentrated investments in public equities and crossover pre-IPO opportunities. As a long-term investor, Sunley House employs a deep, resource-intensive approach reflective of its private equity heritage and is able to leverage all the resources of Advent International, one of the world's largest private equity firms and a leading investor in payments technology. Sunley House has deep experience in payments and fintech with prior investments including Affirm (US), Stone (Brazil), Pine Labs (India), Nexi (Italy), Nuvei (Canada) and Conductor (Brazil). For more information, visit www.adventinternational.com/sunleyhouse.