On November 14, 2025, Mangrove Partners IM, LLC disclosed a new position in Flywire Corporation (FLYW 1.53%).
What happened
Mangrove Partners established a new equity stake in Flywire, purchasing 2,901,693 shares during the third quarter of 2025. The transaction, reported in a filing with the Securities and Exchange Commission on November 14, 2025 (SEC filing), brought the position’s value to approximately $39.29 million as of September 30, 2025.
What else to know
- This is a new position, representing 2.91% of Mangrove Partners IM, LLC’s 13F reportable assets under management as of September 30, 2025.
Top holdings after the filing:
- OTC: ECDAW: $150,764,306 (11.1% of AUM)
- NASDAQ: INDV: $66,120,084 (4.9% of AUM)
- NYSE: RIO: $65,921,613 (4.9% of AUM)
- NYSE: ATMU: $59,994,635 (4.4% of AUM)
- NYSE: ENVA: $57,195,932 (4.2% of AUM)
- As of November 13, 2025, shares were priced at $13.84, down 36.01% over the past year, underperforming the S&P 500 by 51.43 percentage points.
- The fund held 178 reportable positions with $1,353,544,954 in 13F assets at quarter end.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | N/A |
| Revenue (TTM) | $583.03 million |
| Net Income (TTM) | ($2.44 million) |
| Price (as of market close 2025-11-13) | $13.84 |
Company snapshot
- Provides a global payment platform and vertical-specific software, enabling cross-border and domestic transactions across multiple currencies and payment methods.
- Serves education, healthcare, travel, and business-to-business organizations as its primary customer segments.
- Headquartered in Boston, Massachusetts, with operations in the United States, Canada, the United Kingdom, and internationally.
Flywire Corporation operates at scale as a technology-driven payment enablement and software provider, focusing on complex payment flows for international and domestic clients. The company leverages a proprietary platform to streamline payments and collections across diverse industries and geographies. Its competitive edge lies in its integrated network, vertical expertise, and ability to facilitate seamless, multi-currency transactions for institutions and their end customers.
Foolish take
Flywire is one of many positions opened by Mangrove Partners in the third quarter of 2025. Other than the increase in its position in ECD Automotive Design, Flywire was the largest purchase during Q3.
That purchase made Flywire Mangrove’s 11th largest position. It may also be somewhat unusual in a fund whose largest positions are heavily geared toward industrial stocks. However, with 178 positions, Mangrove has diversified across numerous industries.
NASDAQ: FLYW
Key Data Points
Additionally, Flywire appears geared toward improved profitability. Although one might not see that, given its 328 P/E ratio, the forward P/E of 18 may indicate the stock is a bargain.
Additionally, Flywire may have identified an attractive niche within the fintech industry. Although payment platforms are numerous and largely commoditized in the consumer space, Mangrove may see something in Flywire’s global payments platform reminiscent of specialized platforms such as Toast or Shift4. That could bode well for Flywire and, by extension, Mangrove Partners.
Glossary
13F reportable assets: Securities that institutional investment managers must report quarterly to the SEC, showing their holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Position: The amount of a particular security or asset held by an investor or fund.
Stake: The ownership interest or share an investor holds in a company.
Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report.
Top holdings: The largest investments in a fund's portfolio, usually ranked by market value.
Equity stake: Ownership interest in a company, represented by shares of its stock.
Proprietary platform: A technology system developed and owned by a company, not licensed from outside providers.
Vertical-specific software: Software designed to serve the unique needs of a particular industry or sector.
Cross-border transactions: Financial transactions involving parties in different countries, often requiring currency conversion.
Integrated network: A connected system enabling efficient communication and transactions among participants or systems.
Quarter end: The last day of a company's fiscal quarter, used for financial reporting and analysis.
