Here are 1-3 brief analogies for Flywire (FLYW):

• Stripe for universities, hospitals, and complex cross-border B2B payments.
• PayPal for big-ticket, international payments to schools, hospitals, and businesses.

• Global Payment Processing Platform: Facilitates high-value international payments for businesses and institutions across education, healthcare, travel, and B2B sectors, enabling them to accept funds from customers worldwide in local currencies and methods.
• Payment Reconciliation & Tracking: Provides automated tools to match incoming payments with specific invoices or accounts, enhancing operational efficiency and transparency for institutions.
• Risk Management & Compliance Services: Manages regulatory complexities, fraud prevention, and anti-money laundering (AML) checks inherent in cross-border payment transactions.
• Payer Experience & Support: Offers a localized payment experience and multilingual customer support for international payers, simplifying the payment process for end-users.

Flywire (FLYW) primarily sells its payment enablement software and solutions to other companies and institutions, operating on a B2B (business-to-business) model.

While Flywire serves thousands of organizations globally, it does not publicly disclose specific individual major customers by name. This is typical for companies with a diversified customer base where no single customer accounts for a significant portion (e.g., 10% or more) of total revenue, which would necessitate disclosure in SEC filings. Therefore, we cannot provide a list of named customer companies with their stock symbols.

Instead, Flywire's major customers are best understood by the categories of organizations they serve across their key verticals:

• Education Institutions: This category includes universities, colleges, K-12 schools, and other educational providers worldwide. These institutions utilize Flywire's platform to streamline the collection of tuition, fees, and other payments, especially from international students.
• Healthcare Organizations: This segment comprises hospitals, large healthcare systems, clinics, and medical groups. Flywire assists these organizations in managing complex patient payment flows, including those from international patients and high-value self-pay patients.
• Travel Companies: This includes a range of travel providers such as tour operators, hospitality groups, destination management companies, and other businesses within the travel sector. They leverage Flywire for facilitating often complex and international payments for bookings and services.
• B2B Enterprises: Flywire also serves companies across various industries that require specialized solutions for high-value, complex, or cross-border business-to-business payments. This category encompasses a broad range of corporate clients with specific payment challenges.

• Visa (V)
• Mastercard (MA)
• American Express (AXP)
• Discover Financial Services (DFS)
• PayPal (PYPL)
• Tencent Holdings (TCEHY)

Mike Massaro, CEO

As Chief Executive Officer of Flywire, Mike Massaro has guided the company from its inception to its current global presence. His career spans global payments, mobile software and hardware, and e-billing within high-growth technology companies. Prior to Flywire, he was Vice President of Strategic Accounts & Corporate Development at Carrier iQ, a venture-funded company, where he led the global sales team. He also held various sales and consulting positions at edocs, Inc., which was acquired by Siebel Systems in 2004 and subsequently by Oracle in 2005. Massaro received the Ernst & Young Entrepreneur of the Year Award in Financial Services in 2019.

Cosmin Pitigoi, CFO

Cosmin Pitigoi has served as Flywire's Chief Financial Officer since March 2024, bringing over 25 years of experience in finance leadership. Before joining Flywire, he was SVP of finance at PayPal, where he led a global cross-functional team and served on the board of directors at Paidy, in addition to being the audit committee chair of the PayPal Giving Fund. Prior to PayPal, Mr. Pitigoi held leadership roles at eBay in investor relations, business unit FP&A, and treasury, and began his career in operational and finance roles at E*Trade and Barclays.

Rob Orgel, President and Chief Operating Officer

As President and Chief Operating Officer, Rob Orgel leads Flywire's global payment network, business operations, finance, legal, compliance, and corporate strategy functions. He has over 20 years of experience in the payments and receivables ecosystem. Before Flywire, he spent nearly a decade at Apple, where he was part of the leadership team that developed, launched, and expanded the Apple Pay business globally, and was involved in the launch of the Apple Card. He joined Apple through its acquisition of Quattro Wireless, where he served as Chief Operating Officer. Orgel also held key leadership roles at m-Qube, a carrier billing and payment platform acquired by Verisign, and edocs, an e-billing and payment solution acquired by Siebel (later Oracle).

Peter Butterfield, General Counsel & Chief Compliance Officer

Peter Butterfield has served as General Counsel & Chief Compliance Officer at Flywire since March 2015. His responsibilities include managing all legal, compliance, regulatory, risk, and security matters for the company. Prior to Flywire, he spent 15 years in various senior management roles within Devonshire Investors, the private equity arm of Fidelity Investments, and its operating companies. During this time, he lived and worked for over a decade in Tokyo and Singapore, managing legal, risk, and compliance functions and leading ex-Japan APAC operations for KVH Co., Ltd.

David King, CTO

David King serves as Flywire's Chief Technology Officer. He was one of the original architects of the Payment Card Industry Data Security Standard (PCI DSS). Before joining Flywire, King co-founded OnPlan Holdings, which was subsequently acquired by Flywire, leveraging his background in payments, analytics, and billing to develop innovative solutions for healthcare and education. After Nelnet, Inc. acquired infiNET, he served as president of their higher education division and led the transformation to an online medical education program and data security company. At infiNET, he architected and managed an automated tuition billing and commerce system for major U.S. universities.

Key Risks to Flywire's Business

1. Regulatory and Geopolitical/Visa Policy Shifts: Flywire's business model, particularly its significant reliance on international student payments, is highly vulnerable to changes in visa policies and broader geopolitical factors. The company has faced a securities lawsuit alleging misleading disclosures regarding the impact of Canadian and Australian visa restrictions, which resulted in a substantial 37.36% stock price decline in February 2025 and double-digit revenue decreases in key markets. This highlights a broader vulnerability within the fintech sector to complex and evolving regulatory compliance across various jurisdictions (e.g., FERPA, GDPR, AML/KYC). Flywire has also incurred fines for failing to meet equity capital requirements in some regions.
2. Operating Losses and Need for Market Diversification: Flywire has consistently reported operating losses, with a net loss of $12 million in a recent quarter and an accumulated deficit of $187 million. This indicates challenges in cost management and the need to achieve economies of scale. While Flywire is attempting to diversify into healthcare and B2B sectors, its historical and continued reliance on the education payment sector, which is susceptible to international student flow disruptions, remains a weakness.
3. Intense Competition: Flywire operates in a highly competitive global payments market, contending with both established traditional banking solutions and numerous emerging fintech companies. Competitors with greater resources or more aggressive pricing strategies, such as PayPal, Stripe, and Adyen, pose a continuous threat to Flywire's market share and profitability, requiring constant innovation and enhancement of its offerings.

The accelerating global trend towards real-time, account-to-account (A2A) cross-border payment networks and open banking initiatives, driven by central banks and international bodies, poses a clear emerging threat. These initiatives, such as the Bank for International Settlements' (BIS) Project Nexus, aim to link domestic real-time payment systems to facilitate significantly faster, cheaper, and more transparent international payments. If widely adopted and integrated directly by institutions, these direct A2A cross-border payment mechanisms, with built-in foreign exchange capabilities and data transparency, could reduce the need for specialized third-party aggregators that currently optimize complex cross-border transactions and currency conversions.

Flywire (FLYW) addresses substantial global markets for its main products and services:

• The estimated current addressable market for its solutions across education, healthcare, and travel is approximately $1.7 trillion in global payment volume. This global market breaks down as:
• Education: $660 billion
• Healthcare: $500 billion
• Travel: Approximately $530 billion
• Additionally, Flywire's B2B payments offering expands its addressable market to over $10 trillion in global B2B payment volume.

Expected Drivers of Future Revenue Growth for Flywire (FLYW)

• Expansion within Existing Verticals and Client Acquisition: Flywire anticipates continued revenue growth by acquiring new clients and deepening relationships with existing ones across its core verticals of education, healthcare, travel, and B2B. The company's "land and expand" strategy and ability to capture higher payment volumes with new and existing clients are key factors. Flywire reported signing over 200 new clients across all verticals in the third quarter of 2024.
• Geographical Expansion: A significant driver of future revenue growth for Flywire is its strategy to broaden its market reach through geographical expansion. This includes targeting key international markets, particularly in the EMEA and APAC regions, and adapting its solutions to meet regional regulatory requirements.
• Product Innovation and Enhanced Offerings: Flywire is focused on enhancing its existing payment solutions with new features such as advanced installment plans, expanded local payment options, and improved foreign exchange capabilities. The company's commitment to product innovation, including leveraging AI to drive scale and efficiency, and the success of its Student Financial Software (SFS) platform, are expected to contribute to revenue growth.
• Strategic Mergers and Acquisitions: Strategic acquisitions remain a vital component of Flywire's growth strategy. Recent examples include the acquisitions of WPM and Cohortflow in 2024, which expanded payment plan offerings, and Sertifi, which has contributed to revenue. The acquisition of Invoiced also accelerated Flywire's transition to a global invoice-to-cash platform, enhancing B2B payment capabilities.

Share Repurchases

• Flywire has an authorized share repurchase program totaling $300 million.
• As of September 30, 2025, Flywire had spent $108 million on share repurchases.
• Approximately $192 million remained available for future share repurchases under the program as of September 30, 2025.

Share Issuance

• Flywire completed its initial public offering (IPO) in May 2021, selling 10,440,000 shares of voting common stock at $24.00 per share.
• Stock-based compensation expense was $11.7 million for the year ended December 31, 2024, an increase from $9.3 million in 2023, driven primarily by an increase in equity grants.

Outbound Investments

• On February 24, 2025, Flywire acquired Sertifi LLC for an upfront cash consideration of $330 million, with potential contingent consideration of up to $10 million.
• In December 2021, Flywire acquired WPM Group Ltd. (WPM), a software provider for university and college payment experiences in the U.K.
• In February 2020, Flywire acquired Simplee (Simplificare Inc.), a provider of healthcare payment and collections software.

Capital Expenditures

• Flywire's capital allocation strategy prioritizes organic growth investments, strategic acquisitions, and share buybacks.
• The company focuses on strategic investments and operational efficiency, including investments in AI and process automation to improve operating efficiency and manage support costs.