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.