International student was tasked with sending his international tuition payment to the university - but the entire process lacked transparency.
While preparing to attend MIT in 2008, an international student was tasked with sending his international tuition payment to the university - but the entire process lacked transparency.
His payment couldn’t be tracked, so he had to hope that it would be delivered before the deadline—if it was delivered at all. The payment was subject to fees and fluctuating exchange rates, affecting the total amount that would be actually delivered. Wire transfers rarely included essential student information universities required to post funds correctly. Schools frequently received insufficient funds because of the wire fees, and had to send additional bills to students or bar them from registering for classes. Confident a better process could exist, Flywire was created.
Flywire partners with schools and hospitals to receive payments from around the world, easily reconcile them with their accounting systems, and provide consumers with a seamless payment experience.
Mike Massaro was an early employee leading sales for Flywire that became CEO at the same time F-Prime invested in its Series A round. Mike has lead the company to tremendous growth in the education sector and lead its successful expansion into the healthcare industry as well. It’s a world leader in vertical payments, having processed over $8 billion for 1,600 institutions.
Flywire aligned well with F-Prime’s investment theme of vertical payments. Flywire is a leading example of solving a simple problem with a great user experience and an elegant, scalable business model. Mike has built a truly global company with a culture of transparency, empowerment and authenticity. Flywire is headquartered in Boston with operations in London, Manchester, Valencia, Shanghai, Singapore, Tokyo, Cluj, Sydney, and Chicago.