Temasek leads $136m round for payments firm Flywire

Global payment solutions provider Flywire has raised US$100 million (S$136 million) in its latest Series-D round of venture funding led by Singapore investment firm Temasek Holdings.

Other investors included US-based Bain Capital Ventures and F-Prime Capital, it said yesterday. The firm provides payment and receivable solutions to businesses and institutions on six continents, and has processed over US$8 billion for more than 1,400 clients via its global payment network and processing platform.

It will use the new funds to accelerate growth in North America, Europe and the Asia-Pacific, and establish itself in emerging markets. It also aims to grow its share of the trillion-dollar commercial payments and receivables sector, and bring new domestic payment capabilities to Europe and Canada via its recent acquisition of OnPlan Holdings.

In the last 12 months, Flywire expanded in Singapore, China, Japan, Australia and Ireland; it achieved 170 per cent growth in the 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."

A version of this article appeared in the print edition of The Straits Times on July 28, 2018, with the headline 'Temasek leads $136m round for payments firm Flywire'. Subscribe