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.

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

REUTERS