Flywire, the payment company for businesses and institutions, announced on Thursday (July 26) that it has raised $100M in new venture funding.
In a press release, Flywire said the Series D round was led by Temasek, an investment company headquartered in Singapore, and joined by existing Flywire investors that include Bain Capital Ventures and F-Prime Capital Partners.
"Our strong growth is a direct result of our ability to solve the difficult pain points that exist in complex payment processes," said Mike Massaro, CEO of Flywire. "By taking the friction out of initiating, processing and reconciling large-sum international and domestic payments, we empower our clients to capitalize on their business opportunities and optimize their customer relationships. The potential for Flywire is massive and the additional investment and guidance from Temasek will help us take full advantage of it."
Flywire said it will use the funding to accelerate growth in North America, Europe and Asia-Pacific, and will establish a presence in emerging markets including Latin America, the Middle East and Africa. It will also use the proceeds to focus on expanding its market share in commercial payments.
According to Flywire, the company has processed over $8 billion in payments for more than 1,400 clients in business, education and healthcare markets. The company noted that it has seen rapid growth across its business in the last 12 months, both domestically and internationally.
"Mike and his team have identified a huge market opportunity in the payments and receivables space that will continue to expand rapidly as digital erases economic borders," said Matt Harris, managing director at Bain Capital Ventures. "The company has consistently outperformed expectations and demonstrated its ability to run and grow a global business at scale. The addition of Temasek optimizes their ability to capitalize on that opportunity and provides really valuable insights into the fast-growing Asia-Pac market."