Flywire Begins Trading on NASDAQ

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Global payments platform Flywire began trading on the Nasdaq today under the ticker FLYW.

The Boston, Massachusetts-based company is offering 10,440,000 shares of its stock at $24 per share and expects to raise about $300 million with a market capitalization of $3 billion. These figures are at the top range of what Flywire originally expected; last week the company announced it planned to offer 8.7 million shares priced between $22 and $24 a share.

The Flywire team gathered at the exchange in person this morning for the IPO. The reunion was especially notable since this was the first time in 15 months that team members have seen each other in person due to COVID lockdowns.

Flywire originally launched as peerTransfer in 2009, when it focused on streamlining international payments to save schools and international students money on tuition and fees. The company rebranded to Flywire in 2011 and expanded from education to facilitate international payments in healthcare, travel, and select B2B payments. Flywire now counts 2,250 customers.

Differentiating itself from competitors, Flywire focuses on high stakes, high value transactions. That’s because once transactions exceed $10,000, the funds are subject to a different set of regulations and must be exchanged using a purpose-built network– that’s where Flywire comes in.

“We’re just getting started,” Flywire CEO Mike Massaro told CNBC in an interview. “We see this business as a cornerstone of how money moves within the industries that we serve. If you look at the four industries we’re in now it’s $12 trillion of opportunity. There’s so much room to grow here. We’ve got clients in 30 countries already… I see us going into more industries. I see us going into more countries, and really just try and digitize more payments for our clients.”

In addition to its Boston headquarters, the company has offices in Chicago, London, Manchester, Valencia, Shanghai, Singapore, Tokyo, Cluj, and Sydney. Prior to going public, Flywire had raised $323 million.

https://finovate.com/flywire-begins-trading-on-nasdaq/