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Flywire secures $120 million Series E; acquires Simplee

Boston based payment processing company Flywire announced that it has acquired Simplee, a healthcare technology platform. The acquisition aims to optimise digital payments and patient engagement experience in healthcare and scale its global payments services.

The company has also announced a $120 million Series E investment round, led by Goldman Sachs. Along with existing investors, Tiger Global Management and Adage Capital also participated in the new funding round. The FinTech stated its plans of using the finance to contribute to the company’s balance sheet and provides additional capital to support its vision to digitise payments across its key verticals, including education, healthcare and travel. The current investment round has raised the total funding to $260 million.

“Flywire is uniquely built on a global payments network, which is the cornerstone of how we move billions of dollars across 200+ countries and 150 currencies, and an industry-leading payments platform. This digital foundation enables us to develop vertical-specific applications that make payments more efficient and cost-effective for our global clients. The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base,” said Mike Massaro, CEO of Flywire.

The acquisition is expected to accelerate the digitisation of payments to address the challenges around patient engagement as well as healthcare finance and affordability.

Founded in 2011 as PeerTransfer, Flywire removes the boundaries in the transaction through its solutions that enable the global payment and receivables process. It has vertical-specific insight and technology that allows organisations to optimise the payment experience for their customers while eliminating operational challenges. The company has partnerships with universities including Boston University, Tuition Management Systems, Carnegie Mellon, and Cornell and companies like Nelnet, Billtrust, Cashnet and more.

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