Global payments platform Flywire Corporation on Tuesday (Nov. 9) reported 61% revenue growth to $67.8 million for the third quarter of fiscal 2021, up from $42.1 million in 2020, as the company touts its ability to transform a variety of sectors to digital-first.
“We experienced another strong quarter with growth across all areas of our business,” said Mike Massaro, CEO of Flywire, in the company announcement.
“We believe the next decade will bring a wave of digitization across the education, healthcare, travel and B2B industries, and that Flywire is uniquely positioned to lead this trend with our powerful combination of software and payments,” he said.
Flywire’s gross margin increased 1.4% to 65.8% in the third quarter of 2021, up from 64.4% a year earlier. The company’s net income was $10 million in Q3, almost double the $5.2 million Flywire reported in 2020’s third quarter.
Meanwhile, Flywire’s total payment volume jumped 76% to $5.3 billion in the third quarter of 2021, up from $3 billion at the same time a year earlier. Its revenue less ancillary services spiked 67% to $62 million in the third quarter of 2021 from $37.2 million the previous year.
Flywire’s adjusted gross margin dropped 0.9% to 71.9% Q3 of 2021, compared to 72.8% in the third quarter of 2020. The company’s adjusted EBITDA was $17.6 million in the most recent quarter, up from $10.2 million in the third quarter of 2020.
Flywire expects fiscal year 2021 to feature revenue in the range of $190 million to $193 million, revenue less ancillary services of $174 million to $176 million and an adjusted EBITDA of $22 million to $24 million.
Related: YayPay Announces Partnership With Payments Platform Flywire
Last month, customer experience management company Quadient announced it has teamed up with Flywire, allowing Quadient’s accounts receivable Software-as-a-Service (SaaS) solution YayPay to extend Flywire’s digital payment solutions to its global B2B clients.
Through the partnership, Qudient’s customers will help businesses accept and settle payments in more than 240 countries and in more than 140 currencies.
YayPay users can use Flywire for international transactions and make direct debit or electronic banking payments using Flywire’s foreign exchange market management and currency exchange, local collection and settlement, automated reconciliation and the ability to track payments.
