Flywire Acquires UK-based PACE Invoice
(Thomson Reuters ONE) -
Adds multi-currency invoicing capability to cross-border payments/receivables
platform
BOSTON and LONDON, June 01, 2017 (GLOBE NEWSWIRE) -- Flywire, a leading provider
of international payment solutions, today announced that it has acquired PACE
Invoice, a multi-currency invoicing platform provider based in London. With the
acquisition, Flywire adds international invoicing to its cross-border payments
and receivables services, enabling its business, education and healthcare
clients to more easily link invoices to cross-border receivables, saving time
and costs in invoice preparation and payment reconciliation.
The move comes on the heels of Flywire's recent expansion into the cross-border
payment market for businesses. PACE Invoice CEO James Shattock will join the
company and lead expansion efforts in the UK and Europe for that new business
segment.
"This acquisition fills a growing need for clients across all our industry
sectors - business, education and healthcare," said Mike Massaro, CEO of
Flywire. "Cross-border invoicing is challenging and by enabling these
capabilities within our platform, we will further enhance our already industry-
leading cross-border payment solution in the market. We're also very pleased to
be able to say that James Shattock and the entire PACE team will join us to
capitalize fully on this great opportunity."
"This is a great move for us - joining a dynamic, fast-growing company like
Flywire where our offering is highly complementary and will be quickly
integrated into the international payment and receivables platform Flywire has
built," said Shattock. "Our invoicing capability meets an important cross-border
business need for their customers and can help accelerate Flywire's expansion,
especially in the B2B market. We're really excited to be part of that."
Flywire provides educational institutions, healthcare providers, and businesses
with the ability to offer customers a highly-tailored, international payment
experience - customized by country, currency and vertical. It also provides
businesses with the ability to manage international receivables, while ensuring
robust compliance and anti-money laundering controls are applied to every
transaction.
PACE enables businesses to issue invoices to their international customers which
can be paid in ways that are convenient and familiar to the customer, making
prompt, accurate payments easier while reducing currency exposure. The PACE
Invoice platform integrates with existing enterprise accounting systems and
offers a white-label web interface for client branding. Flywire will offer the
invoicing capability as an option with its cross-border payments and receivables
platform - providing end-to-end management from invoice delivery through payment
reconciliation.
Pace Invoice is an alumni of Startupbootcamp FinTech London, an accelerator
program supporting early-stage tech companies with direct access to an
international network of the most relevant mentors, partners, and investors in
the FinTech industry.
About Flywire
Flywire is a leading provider of international payment solutions, connecting
businesses and institutions with other businesses and consumers on six
continents. Introduced six years ago as a way for international students to pay
their tuition for studies abroad, Flywire is now used by over 1,300
organizations across 18 countries around the world. The company processes
billions in payments per year from 220 countries and territories, via bank
transfer, credit card and e-wallet solutions, in over 120 different local
currencies. Convenient, fast and secure, Flywire's scalable platform provides
currency conversion at exchange rates that can offer significant savings when
compared to home-market banks and credit card providers. The company also
supports its clients with end-to-end customer support including multilingual
servicing via phone, email, and chat, as well as 24/7 online payment tracking.
Flywire is headquartered in Boston, MA with international operations in London
and Manchester, UK; Shanghai, China; Tokyo, Japan; Singapore; Sydney, Australia;
and Valencia, Spain. For more information, visit www.Flywire.com.
Media Contact:
for Flywire
Tim Walsh
timw(at)walshgroupmarketing.com
617-512-1641
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Flywire via GlobeNewswire
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