Flywire, a U.S.-based fintech firm that provides global payment and receivables solutions for education, healthcare, and commercial enterprises, announced on Thursday it has acquired 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.
Founded in 2011, Flywire describes itself as a high-growth vertical payments company trusted by organizations around the world to deliver on their customers’ most important moments. The company claims it has processed more than $12 billion in total payment volume for over 2,000 clients from around the world.
“Whether in education, healthcare, travel or technology, Flywire has vertical-specific insight and technology that allows organizations to optimize the payment experience for their customers while eliminating operational challenges—from invoicing to payment reconciliation. 24×7 multilingual support via phone, email, and chat, and online tracking, ensures that both the client and customer have complete control over their payments.”
Flywire also revealed that the acquisition builds on its growing healthcare payments business and accelerates the company’s market share. Mike Massaro, CEO of Flywire, stated:
“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. 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.”
In regards to the latest investment round, Flywire reported that the investment brings its total capital investment to $260 million. Ashwin Gupta, Managing Director at Goldman Sachs’ Merchant Banking Division, added:
“We are thrilled to lead the Series E round for Flywire. 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.”