A new one of Spanish origin has been born: from Cabify and , Flywire has broken the $1 billion valuation threshold (just over 923 million euros).
This is Flywire, the new unicorn born in Spain that optimizes the payment experience
Flywire focuses its business on organize and optimize the payment service of companies to customers, in sectors such as education, travel, or health that has now achieved unicorn status after its latest round of investment led by Goldman Sachs, which will mean an injection of $120 million in the company (just over 110 million euros).
It is currently based in Boston, United States, but the origin of its history and its technological development remain in Valencia, Spain, where 100 of its employees still remain.
The company was founded in 2009 by Iker Marcaida student who traveled to Boston to obtain an MBA at the Massachusetts Institute of Technology (MIT), and during his enrollment he lived firsthand the high costs and uncertainty of international payments. It was then that he created PeerTransferwhich two years later would become Flywire.
After 9 years of its creation, Flywire is one of the world’s fintechand to date it has managed transactions for more than 12,000 million dollars (approximately 11,000 million euros) for more than 2,000 clients around the world, with a focus on the university and health field.
The company has 500 employees and revenue over $100 millionin addition to offices in cities around the world with which it has helped make foreign currency transfers faster, cheaper and, above all, safer.
“Flywire brings together a unique combination of a payments network, a platform and specific vertical solutions to fully digitize the payment experience for customers across all industries. We look forward to continuing to help accelerate their growth.”said , managing director of commercial banking at Goldman Sachs.
Flywire Acquires Healthcare Platform Simplee
But this is not the only news about Flywire, as the investment was accompanied by an acquisition: Simplee, the technological platform for health carewith which Flywire will be able to optimize digital payments and the patient experience, while also reinforcing its leadership in the digitization of healthcare payments.
And it is that the payment experience in industries such as health care is full of inefficiencies and poorly integrated solutions, which has caused substantial financial losses.
The high costs of health care in the United States, which a great market opportunity for Flywiresince it will represent approximately 70% of all eCommerce spending in the US.
In addition, Flywire will be able to accelerate the digitization of payments, addressing the challenges of winning with patients, while achieves healthcare financing by combining Flywire’s high-tech platform for providers with Simplee’s payment methods so patients can make their payments quickly and on their own terms.
“Flywire is uniquely built on a global payments network, which is the cornerstone of how we move billions of dollars across more than 200 countries and 150 currencies. This digital foundation allows us to develop vertical-specific applications that make payments more efficient and profitable for our global customers.. The Simplee acquisition improves patient engagement and healthcare affordability, extending these capabilities to a broader customer base.”assured , CEO of Flywire.
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