International student, Iker Marcaide, was trying to pay for his college classes in another country. He found the entire process difficult, time-consuming, and challenging. He could find no information about when the payment would be processed, what exchange rate it would be based on, or even when the payment would arrive.
Marcaide was confident that he could find a better way. He created peerTransfer in 2010, later changing the name to Flywire.
The company is a payment facilitator which makes international payments fast and easy. Most people can pay in their own currency, and the company accepts debit cards, credit cards, bank transfers, e-payments, and e-wallet transfers often with no additional fees.
In early February 2020, Flywire raised $120 million in Goldman Sachs LED Series E. This brings its valuation to $1 billion. Also in February 2020, the company acquired Simplee, a software provider for the healthcare industry.
Headquarters for Flywire are in Boston, Massachusetts.