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.
“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.