Flywire(NASDAQ) FLYW

Flywire Corporation helps people pay large international bills easily. It builds software for schools, hospitals, and travel businesses worldwide. The platform moves money across borders and simplifies complex payments.

How Flywire Makes Money

• Transaction Revenue: Fees earned from processing domestic and cross-border payments; represented 81.8% of revenue for the six-month period ended June 30, 2026.
• Platform Revenue: Income from software subscriptions and payment plan setup fees; accounted for 18.2% of revenue for the six-month period ended June 30, 2026.
• Education Services: Specialized software for more than 3,300 institutions to manage tuition payments and student applications.
• Healthcare Payment Tools: Digital systems for over 150 healthcare systems to manage patient billing and collections.
• Hospitality and Travel: Vertical-specific software and payment solutions supporting over 20,000 hotel locations globally.

Strategic Buys and Internal Shifts

• Completed the acquisition of Sertifi in Feb. 2025 for $330 million to accelerate growth in the hospitality sector.
• Launched a company-wide digital transformation program to re-architect data infrastructure and upgrade enterprise billing systems.
• Implemented a restructuring plan in Feb. 2025 that incurred $8.7 million in charges to improve operational efficiency.

What Makes the Network Different

The proprietary payment network spans over 240 countries and territories using more than 140 currencies. Specialized software connects directly into the existing digital workflows of schools, hospitals, and travel firms to automate financial record-keeping.

The Scorecard for 2026

• Revenue reached $355.9 million in the six-month period ended June 30, 2026, up 34.1% year over year.
• Total payment volume hit $19.6 billion for the six months ended June 30, 2026, a 37.2% increase from the prior-year period.
• Net income was $4.4 million for the six-month period ended June 30, 2026, compared to a net loss of $16.2 million year over year.
• Annual net dollar-based retention rate for existing clients was approximately 110% for the year ended Dec. 31, 2025.
• Non-GAAP Adjusted EBITDA was $63.3 million in the six-month period ended June 30, 2026, up from $38.0 million year over year.

Bottom Line

Flywire has evolved from a niche payment provider into a global platform for high-value industries like education and healthcare. Its ability to integrate software into specialized business workflows helps it maintain a steady client base across different international markets.