Flywire, a Boston, MA-based vertical payments company, raised $120m in Series E funding.
The round, which brought total capital raised to $260m, was led by Goldman Sachs, with participation from new investors Tiger Management and Adage Capital Management and existing investors.
The company intends to use the funds to expand its business reach and continue to digitize payments across its key verticals, including education, healthcare and travel.
Flywire also acquired Simplee, a healthcare technology platform, The acquisition will enable Flywire to optimize the digital payments and patient engagement experience in healthcare and scale its global payments services.
Simplee, which has raised $36.4m in venture capital funding to date, provides a technology platform for engaging patients and addressing affordability with personalized paths to payment. Its platform, Peer Reviewed by HFMA, leverages information from billions of patient interactions and proprietary healthcare tuned algorithms to drive a recommendation engine for patient payments and engagement. Together, the two companies will power four of the top ten US healthcare systems and process more than $10 billion in patient payments per year.
Flywire is a vertical payments company solving vertical-specific payment and receivables problems for organizations in education, healthcare, travel or technology sectors. To date the company has processed over $12 billion in total payments volume for over 2,000 clients around the world.