Temasek leads Flywire Series-D funding round of US$100m

GLOBAL payment solutions provider Flywire has raised US$100 million in its latest Series-D round of venture funding led by Singapore state investment company Temasek Holdings.

Other investors included its existing US-based investors such as Bain Capital Ventures and F-Prime Capital, Flywire said on Friday.

Flywire provides payment and receivable solutions to businesses and institutions on six continents, and has processed more than US$8 billion for over 1,400 clients via its global payment network and processing platform.

Matt Harris, managing director at Bain Capital Ventures, said: "The company has consistently outperformed expectations and demonstrated its ability to run and grow a global business at scale. The addition of Temasek optimises their ability to capitalise on that opportunity and provides really valuable insights into the fast-growing Asia-Pac market."

The company will use the new funds to accelerate growth in North America, Europe and Asia Pacific as well as to establish itself in emerging markets.

It also aims to expand its share of the trillion-dollar commercial payments and receivables sector, and bring new domestic payment capabilities to Europe and Canada through its recent acquisition of OnPlan Holdings.

In the last 12 months, Flywire expanded in Singapore, China, Japan, Australia and Ireland; and achieved 170 per cent growth in Asia Pacific, 100 per cent growth in Europe and 80 per cent growth overall internationally.

"Our strong growth is a direct result of our ability to solve the difficult pain points that exist in complex payment processes," Flywire chief executive Mike Massaro said.

"The potential for Flywire is massive and the additional investment and guidance from Temasek will help us take full advantage of it."