Flywire Corporation (Nasdaq: FLYW), a global payments enablement and software company, announced that it has completed the acquisition of Cohort Go, an international education payments provider that “brings additional students, agents and essential student services to Flywire.”
The acquisition will “build on Flywire’s existing education business to accelerate the growth of its agent focus and team, deepen its commitment to product and payment innovation, and further invest in Asia-Pacific (APAC), a key geographic focus for Flywire.”
Cohort Go’s core focus is on “providing international students with the ability to make cross-border tuition payments through international agents.” Cohort Go’s agent platform is expected “to bolster Flywire’s existing agent solutions to deliver even greater value to educational institutions, agents, and students.”
Additionally, with partner relationships in almost 40 geographies, Cohort Go’s global footprint and penetration in APAC and Latin America also “present new growth and expansion opportunities for Flywire.”
Mike Massaro, CEO of Flywire, said:
“Recruiting agencies play a critical role in the international student journey by assisting students in finding placements in higher educational and other institutions. Cohort Go has been prominent in this space, with a network of over 1,000 agent partnerships, including some of the most prestigious student recruitment agencies in the world.”
Massaro continued:
“As we continue to invest in our Flywire Advantage – the combination of our next-gen payments platform, proprietary global payment network and industry-specific software – we seek opportunities to embed deeper into the workflows of our clients, agents and payers, with the goal of driving more value for them. Cohort Go’s successful agent platform, global footprint and adjacent services complement our existing capabilities and will help us power the higher education ecosystem into the future.”
Growth in international student recruitment “indicates strong secular trend.”
Recent research suggests that the international education industry is “poised for significant growth.”
According to new data from the market intelligence firm HolonIQ, 8 million international students will be “enrolled with foreign higher education institutions by 2030 – 3 million more than were abroad in 2019 – and that their total spending will amount to more than double what it was before the pandemic.”
As the demand for higher education accelerates, education agents are “expected to play a critical role in international recruitment.”
Estimates from the international education consultancy, ICEF, suggest that “more than 1 million students ‘are placed through agents around the world, and rising.”
According to a 2021 report from the American International Recruitment Council and the National Association for College Admission Counseling, nearly half (49%) of U.S. colleges who responded “were partnered with education agents, which is up from 36% of U.S. in 2017-2018.”
Agent growth is also on the rise “in other popular higher education destination markets like Canada, whose international student population has grown sixfold over the past two decades.”
Cohort Go was “founded in 2012 by industry experts Mark Fletcher and Paul Jones, who combined their respective expertise in banking and commercial software to enable students to pay for their international education using their local currency, saving on fees and transfer rates.”
Grounded in their aligned vision “to deliver value to the broader education ecosystems, the founders continually sought ways to work with education agents, institutions and students alike, and evolved their single solution into an online platform that offers a tailored experience, with capabilities to reduce costs, increase choice and improve productivity.”
Today, Cohort Go partners “with more than 1,000 agents globally.” Students from more than 180 countries have leveraged Cohort Go, which “services more than 60 currencies with local specialists all over the world.”
The integration of Cohort Go into Flywire’s existing agent platform will “enable Flywire to provide even more value to agents, payers, and educational institutions.”
For more details on this update, check here.