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Flywire Corporation, together with its subsidiaries, operates as a payment enablement and software company in the United States, Europe, the Middle East, and Africa and the Asia Pacific. The company provides a payment platform that integrates into existing apps and workflows and have access to solutions, such as tailored invoicing, settlement and reconciliation tools, single sign-on and checkout, recurring payments, and split payouts. It also offers a payment network, which has access to a set of payment methods, including banks, third-party payment providers, payment networks, and digital wallets; and direct connections to alternative payment methods consisting of Alipay, Boleto, PayPal / Venmo, and Trustly. In addition, the company provides vertical-specific software comprising vertical-specific digital workflows; integration and synchronization to core and industry specific systems; real-time access; and predictive analytics. It serves education, healthcare, travel, and B2B industries. The company was formerly known as peerTransfer Corporation and changed its name to Flywire Corporation in December 2016. Flywire Corporation was incorporated in 2009 and is headquartered in Boston, Massachusetts.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $623M | $51M | $13M | $90M | 1.6% | 26.6% | 365.4% |
| 2024 | $492M | $20M | $3M | $92M | 0.4% | 22.1% | -133.9% |
| 2023 | $403M | $12M | $-9M | $70M | -1.1% | 39.3% | -78.2% |
| 2022 | $289M | $-24M | $-39M | $-2M | -8.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 289.38 | 403.09 | 492.14 | 623.02 |
| Operating Revenue | - | 289.38 | 403.09 | 492.14 | 623.02 |
| Cost Of Revenue | - | 107.93 | 147.34 | 177.49 | 240.36 |
| Gross Profit | - | 181.44 | 255.76 | 314.65 | 382.66 |
| Operating Expense | - | 211.66 | 277.27 | 321.91 | 362.68 |
| Research And Development | - | 50.26 | 62.03 | 66.64 | 70.21 |
| Selling General And Administration | - | 161.40 | 215.24 | 255.27 | 292.47 |
| Total Expenses | - | 319.60 | 424.61 | 499.40 | 603.04 |
| Operating Income | - | -30.22 | -21.52 | -7.26 | 19.98 |
| Total Operating Income As Reported | - | -30.22 | -21.52 | -7.26 | 11.30 |
| EBITDA | - | -23.84 | 11.78 | 19.76 | 51.02 |
| Normalized EBITDA | - | -14.67 | 7.60 | 31.55 | 51.68 |
| EBIT | - | -36.15 | -3.98 | 2.40 | 24.97 |
| Interest Income | - | 3.24 | 13.35 | 21.44 | 5.64 |
| Interest Expense | - | 1.21 | 0.37 | 0.54 | 3.53 |
| Net Interest Income | - | 2.03 | 12.98 | 20.90 | 2.11 |
| Other Non Operating Income Expenses | 0.11 | -5.93 | 4.19 | - | - |
| Other Income Expense | - | -9.17 | 4.19 | -11.79 | -0.66 |
| Interest Income Non Operating | - | 3.24 | 13.35 | 21.44 | 5.64 |
| Interest Expense Non Operating | - | 1.21 | 0.37 | 0.54 | 3.53 |
| Net Non Operating Interest Income Expense | - | 2.03 | 12.98 | 20.90 | 2.11 |
| Pretax Income | - | -37.36 | -4.35 | 1.86 | 21.44 |
| Tax Provision | - | 1.99 | 4.21 | -1.04 | 7.94 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -1.93 | 0.88 | -2.48 | -0.24 |
| Net Income Continuous Operations | - | -39.35 | -8.57 | 2.90 | 13.50 |
| Net Income From Continuing And Discontinued Operation | - | -39.35 | -8.57 | 2.90 | 13.50 |
| Net Income From Continuing Operation Net Minority Interest | - | -39.35 | -8.57 | 2.90 | 13.50 |
| Net Income | - | -39.35 | -8.57 | 2.90 | 13.50 |
| Net Income Common Stockholders | - | -39.35 | -8.57 | 2.90 | 13.50 |
| Net Income Including Noncontrolling Interests | - | -39.35 | -8.57 | 2.90 | 13.50 |
| Normalized Income | - | -32.10 | -11.88 | 12.21 | 13.91 |
| Diluted NI Availto Com Stockholders | - | -39.35 | -8.57 | 2.90 | 13.50 |
| Basic Average Shares | - | 107.94 | 114.83 | 124.27 | 122.38 |
| Diluted Average Shares | - | 107.94 | 114.83 | 129.34 | 127.75 |
| Reconciled Depreciation | - | 12.30 | 15.76 | 17.36 | 26.06 |
| Reconciled Cost Of Revenue | - | 107.93 | 147.34 | 177.49 | 240.36 |
| Total Unusual Items | - | -9.17 | 4.19 | -11.79 | -0.66 |
| Total Unusual Items Excluding Goodwill | - | -9.17 | 4.19 | -11.79 | -0.66 |
| Special Income Charges | - | - | 0 | 0 | -8.69 |
| Restructuring And Mergern Acquisition | - | - | 0 | 0 | 8.69 |
| Gain On Sale Of Security | - | -9.17 | 4.19 | -11.79 | 8.03 |
| General And Administrative Expense | - | 82.95 | 107.62 | 125.84 | 135.48 |
| Other Gand A | - | 82.95 | 107.62 | 125.84 | 135.48 |
| Selling And Marketing Expense | - | 78.46 | 107.62 | 129.44 | 156.99 |
| Otherunder Preferred Stock Dividend | 0.01 | 0 | 0 | - | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Flywire Corporationthis co. | FLYW | $1.8B | 133.32↑ premium | 2.15 | 1.6% | 28.82 |
| Five9, Inc. | FIVN | $1.9B | 47.51 | 2.38 | 5.0% | 20.25 |
| SkyWater Technology, Inc. | SKYT | $1.9B | 15.70 | 9.94 | 63.3% | 14.46 |
| Asana, Inc. | ASAN | $1.9B | - | 12.07 | -122.6% | - |
| AMBQ | AMBQ | $1.8B | -49.83 |
| - |
| - |
| - |
| - |
| - |
| 11.18 |
| -22.4% |
| -51.89 |
| Semrush Holdings, Inc. | SEMR | $1.8B | -95.70 | 6.29 | -6.6% | -174.63 |
| PC Connection, Inc. | CNXN | $1.8B | 21.55 | 1.98 | 9.2% | 11.36 |
| Appian Corporation | APPN | $1.8B | 1466.45 | - | -2.6% | 51.79 |
| Alkami Technology, Inc. | ALKT | $1.7B | -36.34 | 4.78 | -13.2% | -90.26 |
| Peer Median | - | 15.70 | 6.29 | -4.6% | 11.36 | |