8.6 C
New York
Thursday, May 26, 2022
Home News A new unicorn in Boston? Flywire secures $120 Million in Series E...

A new unicorn in Boston? Flywire secures $120 Million in Series E and a Unicorn status

Last week was a big week for Flywire. The global payments platform made a dual announcement, that it closed a round of funding and sealed the deal on an acquisition. It has acquired a healthcare technology platform Simplee. The acquisition comes just after the company raised $120 million through its Series E funding round, which was led by Goldman Sachs.

“A Unicorn” is a privately held startup company valued at over $1 billion. 

“We are thrilled to lead the Series E round for Flywire”, said Ashwin Gupta, Managing Director at Goldman Sachs’ Merchant Banking Division. “They bring together a unique blend of a payments network, platform, and vertical-specific solutions to completely digitize the payments experience for their clients across industries. We look forward to continuing to help accelerate Flywire’s growth.”

“Flywire is uniquely built on a global payments network, which is the cornerstone of how we move billions of dollars across 200+ countries and 150 currencies, and an industry-leading payments platform,” said Mike Massaro, CEO of Flywire.

Mike Massaro, CEO Flywire

“This digital foundation enables us to develop vertical-specific applications that make payments more efficient and cost-effective for our global clients. The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base.” He adds.

With acquiring Simplee, Flywire picked up a competitor. Flywire has historically focused on the provider side, helping digitize their back offices. Simplee is focused more on patient experience.

Last year, the company expanded into Latin America and plans to continue that expansion geographically. It also plans to double down on all its verticals.

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

Money 20/20: speakers and agenda

With 4,000+ attendees from 1,900+ companies and 3,100+ IRL meetings booked in 2021, Money 20/20 proved yet again that this is the fintech industry’s premier conference.

Revolut CEO Nik Storonsky launches his AI-based venture capital fund

Billionaire Nik Storonsky, the co-founder of Revolut, one of Europe's largest and richest startups, plans to launch his own AI-based venture capital fund to compete with legacy venture capitalists.

This is how Klarna will merge e-commerce with physical shopping

Klarna launches "virtual shopping" where online shoppers get access to experts in physical stores.

Revolut reached 1.7 million Irish customers

Of the 5 million population, 1.7million people from Ireland use Revolut to some extent.