Flywire, which focuses on high-value payments in healthcare, education and travel, reported Tuesday (Aug. 10) that its total payments volume soared 85 percent year over year to $1.9 billion in its first quarter as a public company.
The Boston, Massachusetts-based FinTech reported that revenue surged by 56 percent to $37 million in the second quarter of 2021. Revenue less ancillary services soared by 77 percent to $33 million.
“We experienced revenue and total payment volume growth across all regions due to COVID-19 pressures easing as well as increased utilization of our solution from existing and new clients,” Flywire Chief Financial Officer Michael Ellis said on the company’s first earnings call.
Flywire anticipates revenue to range from $173 million to $178 million for the fiscal year 2021. The firm expects revenue less ancillary services to range from $158 million to $161 million, according to an announcement.
CEO Mike Massaro said on the call that the company works with over 80 healthcare and hospital systems. “We continue to accelerate growth in our newer verticals as well, including travel and B2B payments,” he said.
Massaro also noted that the industries the company serves have a large potential for digitization over the future decade and that there are a number of global developments helping accelerate the trend.
In one case, the pandemic has accelerated the “digitization and consumerization” of healthcare, according to Massaro.
“We believe the next decade will bring a wave of digitization across these industries that we serve. And that Flywire is uniquely positioned to lead this trend with the unmatched combination of our software and payment functionality,” Massaro said on the call.
Flywire’s earnings report comes as the firm went public in May, announcing its initial public offering (IPO) at $24 per share, the higher end of its $22 to $24 per share price range.
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Flywire’s S-1 filing with the U.S. Securities and Exchange Commission provides a look into how the firm sees its markets – and why large verticals like healthcare are ready for innovation.
Read more: Flywire’s SEC Filing Highlights $11.7T Payments Modernization Opportunity
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