Temasek-backed payments firm Flywire eyes US$2.4b valuation in US IPO

[NEW YORK] Flywire Corp is seeking a valuation of up to US$2.4 billion in its initial public offering in the United States, the Temasek Holdings-backed payments firm said in a filing on Tuesday.

The company said it is offering 8.7 million shares with voting rights for a price between US$22 and US$24 each. At the top end of the range, the IPO would bring in nearly US$209 million for Flywire.

Founded in 2011, Boston-based Flywire focuses on enabling payments in the education, healthcare and travel sectors. Its IPO plan comes amid a surge in interest in the fintech space that has seen companies including Affirm Holdings Inc and Stripe raise capital at sky-high valuations.

Flywire had confidentially filed for a listing in March, months after Reuters reported it was planning an IPO at a possible valuation of US$3 billion.

After a funding round in February last year, the company was valued at US$1 billion, according to venture capital analysis site PitchBook.

Flywire also counts the venture arm of private equity firm Bain Capital among its backers.

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The company will list on the Nasdaq under the symbol "FLYW".

REUTERS