Flywire, a provider of global payment and receivables solutions, has announced a major expansion of its U.K. and European operations and team.
The company has moved to Folgate Street in London’s Spitalfields District, into a new office space that is quadruple the size of its previous location in Canary Wharf.
Flywire processes billions of dollars in payments around the world each year. Earlier this month, the company announced a new international invoicing service that can streamline the billing process for companies serving customers outside of their home countries.
“For most companies, domestic billing is easy. There are a ton of off-the-shelf software solutions, and the process is simple and straightforward with one currency, one format, well-understood payment methods and costs,” said Mike Massaro, CEO of Flywire. “When it comes to international billing, the process is far more complex, and if your invoicing does not make it easy for your international customers to pay you, it creates a domino effect of problems starting with extended DSO, high reconciliation costs, compliance issues and poor customer satisfaction.”
Since June 2017, Flywire’s U.K. team has grown by 25 percent, with plans to double in the near future. That growth corresponds with a 100 percent increase in the number of clients served in Europe, and a more than 100 percent increase in the volume of payments for those clients during the same period.
The new London location accommodates team members in sales, product marketing and customer support, as well as its new global chief people officer, Kelly Hartman, who joined the company in January of 2018. In her role, she supports Flywire’s business across the globe.
“Flywire’s initial European presence in Valencia and London served as a logical starting point for our business, and our growth throughout Europe,” said Massaro. “It also corresponds with what has been a very strong area for the company, especially with European educational institutions attracting record numbers of international students, and more and more businesses extending their sales efforts globally.
“The team here has done an outstanding job serving our customers, growing the business and putting the foundation in place for future growth,” he continued. “Our new London office is an important step in building on that success across Europe.”