Flywire, an international payment solutions provider (formerly peerTransfer), announced that its acquisition of London-based PACE Invoice, a multi-currency invoicing platform provider and an alumni of Startupbootcamp FinTech London. With the acquisition, Flywire adds international invoicing to its cross-border payments and receivables services, enabling its business, education and healthcare clients to link invoices to cross-border receivables, saving time and cost in invoice preparation and payment reconciliation.
“This acquisition fills a growing need for clients across all our industry sectors – business, education and healthcare,” explained Flywire CEO Mike Massaro. “Cross-border invoicing is challenging and by enabling these capabilities within our platform, we will further enhance our already industry-leading cross-border payment solution in the market. We’re also very pleased to be able to say that James Shattock and the entire PACE team will join us to capitalize fully on this great opportunity.”
The move comes follows Flywire’s recent expansion into the cross-border payment market for businesses. PACE Invoice CEO James Shattock will join the company and lead expansion efforts in the UK and Europe for that new business segment.
“This is a great move for us – joining a dynamic, fast-growing company like Flywire where our offering is highly complementary and will be quickly integrated into the international payment and receivables platform Flywire has built,” added Shattock. “Our invoicing capability meets an important cross-border business need for their customers and can help accelerate Flywire’s expansion, especially in the B2B market. We’re really excited to be part of that.”
Flywire provides educational institutions, healthcare providers, and businesses with the ability to offer customers an international payment experience – customized by country, currency and vertical. It also provides businesses with the ability to manage international receivables, while ensuring “robust” compliance and anti-money laundering controls. With the acquisition, PACE will add its expertise of enabling businesses to issue invoices to their international customers which can be paid in ways that are convenient and familiar to the customer, making prompt, accurate payments easier while reducing currency exposure. The PACE Invoice platform integrates with existing enterprise accounting systems and offers a white-label web interface for client branding. Flywire will offer the invoicing capability as an option with its cross-border payments and receivables platform – providing end-to-end management from invoice delivery through payment reconciliation.
“We are very proud of PACE Invoice at Startupbootcamp FinTech and see this as very good showcase of how a startup has accelerated during our FinTech program and made the best use of the resources of Startupbootcamp,” exclaimed Startupbootcamp FinTech London Managing Director Francisco Lorca.