BENGALURU (REUTERS) - Payments firm Flywire on Monday (May 3) made its paperwork for a US listing public and revealed a 38 per cent surge in revenue in the latest quarter as it benefits from strong remote working trends due to the Covid-19 pandemic.
Flywire had confidentially filed to go public in March and could seek a valuation of as high as US$3 billion (S$4 billion) when it sets terms for the offering, Reuters reported in January.
The Boston-based company, which was founded in 2011 and focuses on payments in the education, healthcare and travel sectors, is looking to ride on rising interest in the fintech space.
Earlier this year, big fintech companies Affirm Holdings and Social Financial chose to go public, seeking to make the most of the roaring market that has shown a great appetite for new offerings since last year's pandemic-induced lows.
Private fintech companies have also raised fresh capital at high valuations recently. Digital payments giant Stripe became the most valuable United States start-up at US$95 billion after its funding round in March.
Current, a digital bank with more than three million users, tripled its valuation from November after its latest fund-raising round this year.
Flywire intends to list on Nasdaq under the symbol "FLYW".
Goldman Sachs, JPMorgan, Citigroup and BofA Securities are the underwriters.
Flywire counts Singapore investment company Temasek and the venture arm of private equity firm Bain Capital among its investors.
The payment company recorded US$44.99 million in revenue for the three months ended March 31, up from US$32.71 million in the same period a year ago.
It, however, posted a net loss of US$8.65 million compared with a profit of US$3.7 million.