Temasek leads $100m round for US-based payments firm Flywire

An employee walks past a sign for Temasek Holdings Pte at the company's offices in Singapore. Photographer: Munshi Ahmed/Bloomberg

Singapore’s state investment firm Temasek Holdings has led a $100-million Series D funding round for Boston-based cross-border payment solutions provider Flywire.

The round was joined by existing investors Bain Capital Ventures and F-Prime Capital, according to an announcement.

Flywire focuses on large, invoice-type payments in sectors such as education, B2B and healthcare. It claims to streamline international and domestic transactions by providing a single point of management and payer engagement.

The company claims to have processed over $8 billion in payments for over 1,400 clients.

Flywire said it will use the fresh funding to accelerate its growth in North America, Europe and Asia-Pacific. It also plans to establish a foothold in emerging markets such as Latin America, Middle East and Africa.

“The company has consistently outperformed expectations and demonstrated its ability to run and grow a global business at scale. The addition of Temasek optimizes their ability to capitalize on that opportunity and provides really valuable insights into the fast-growing Asia-Pac market,” said Matt Harris, managing director at Bain Capital Ventures.

Established in 2009, Flywire today has offices in Chicago, UK, Spain, Shanghai, Singapore, Tokyo, Romania and Sydney.

It says it is seeing accelerated growth in the Asia Pacific region, driven by a surge in the number of international students as well as patients seeking medical aid abroad from China.

In 2016, China saw over 800,000 Chinese students pursue education abroad. Also in the healthcare space, in the same year, over 500,000 Chinese patients travelled abroad for healthcare.

Last month, Flywire partnered with UnionPay International, a payment brand in China, to offer forex pricing at the same rate as a bank transfer.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.