Payment firm Flywire files for US IPO

Payment firm Flywire files for US IPO
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BENGALURU (May 3): Flywire Corp has filed for an initial public offering (IPO) in the United States, a regulatory filing showed on Monday that also revealed the payment firm posted a 38% surge in revenue in its latest quarter.

The company, which was founded in 2011 and focuses on payments in the education, healthcare, and travel sectors, is betting on surging investor interest in the fintech space, boosted by the Covid-19 pandemic that has led to more businesses being conducted virtually.

Reuters reported on the company's IPO plans in January.

Boston-based Flywire recorded US$44.99 million in revenue for the three months ended March 31, up from US$32.71 million in the same period a year ago.

It, however, posted a net loss of US$8.65 million compared with a profit of US$3.7 million.

Flywire intends to list on Nasdaq under the symbol "FLYW". Goldman Sachs, JP Morgan, Citigroup, and BofA Securities are the underwriters.