Here are a few analogies to describe Flywire (FLYW):

• Think of them as Stripe for universities, hospitals, and other large organizations that need to manage complex, international payments.

• They are like a global payments platform such as Adyen or PayPal, but exclusively focused on high-value, multi-currency transactions for institutions like universities and healthcare providers.

• Payment Platform and Network: A comprehensive solution that facilitates payment flows across multiple currencies, payment types, and payment options, offering direct connections to various alternative payment methods.
• Vertical-Specific Software: Tailored software solutions designed for particular industries, such as education, healthcare, travel, and business-to-business, to help clients get paid and their customers make payments.

Flywire (FLYW) primarily sells its payment enablement and software solutions to other companies and organizations. Based on the provided background information, the company serves the following major categories of customers:

• Education organizations
• Healthcare organizations
• Travel organizations
• Business to Business (B2B) organizations

• Amazon Web Services (subsidiary of Amazon.com, Inc. (AMZN))
• PayPal Holdings Inc. (PYPL)
• Alipay
• Trustly

Mike Massaro, Chief Executive Officer

Mike Massaro has served as Flywire's Chief Executive Officer and a member of its board of directors since December 2013. He has grown the business from a concept into a global company, overseeing its expansion and its Initial Public Offering (IPO) in May 2021. His background spans global payments, mobile software and hardware, and e-billing at high-growth technology companies, including Carrier IQ and edocs, Inc. Prior to Flywire, he was Vice President of Strategic Accounts & Corporate Development at Carrier IQ, and held sales and consulting positions at edocs, Inc., which was acquired by Siebel Systems in 2004 and subsequently by Oracle in 2005. He began his career in technical risk services at PwC, LLP.

Cosmin Pitigoi, Chief Financial Officer

Cosmin Pitigoi joined Flywire as Chief Financial Officer in March 2024 and has over 25 years of experience in finance leadership roles. Prior to Flywire, he was SVP of finance at PayPal, where he led a global cross-functional team in financial planning and analysis, operational finance, and pricing. He also served on the board of directors at Paidy and as the audit committee chair of the PayPal Giving Fund. Before PayPal, he held leadership roles at eBay across 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

Rob Orgel has served as Flywire's President and Chief Operating Officer since November 2019. He leads Flywire's global payment network, business operations, finance, legal, compliance, and corporate strategy functions. With over 20 years of experience in the payments/receivables ecosystem, Mr. Orgel spent nearly 10 years at Apple prior to Flywire, where he was part of the leadership team that developed, launched, and grew the Apple Pay business and its global expansion, as well as the launch of the Apple Card. Before joining Apple, he was Chief Operating Officer at Quattro Wireless, Inc. until its acquisition by Apple in 2010. He also held key leadership roles at m-Qube, Inc., a carrier billing and payment platform acquired by Verisign Inc., and edocs Inc., an e-billing and payment solution acquired by Siebel Systems (subsequently acquired by Oracle Corporation).

Mohit Kansal, Chief Payments Officer

As Chief Payments Officer, Mohit Kansal is responsible for Flywire's payment offering, overseeing strategy, operations, partnerships, processing cost management, monetization, and payment-related product management. He has over 18 years of global experience in financial services, tech startups, and payments technology, both as an operator and entrepreneur. Since joining Flywire in 2016, he has built a global team of payments leaders. Prior to Flywire, he worked in financial services at Merrill Lynch in London and UBS AG in Hong Kong, and started companies in the hardware technology and financial technology sectors in Boston. He also had a stint with the Government of India on the unique ID initiative.

Patrick Blanc, Chief Technology Officer

Patrick Blanc was appointed Chief Technology Officer in February 2026. He brings more than 20 years of experience building and scaling payment platforms at global leaders. Most recently, he served as CTO at Ingenico, where he led technology strategy and innovation. Prior to that, he was CTO of Cybersource and Value Added Services at Visa, where he was instrumental in the success of cloud-based global payment, issuing, acquiring, and fraud management platforms. He also spent a decade at PayPal in the U.S. and Singapore, developing deep expertise in mobile commerce and payment software applications.

The key risks to Flywire's business include:

1. Regulatory and Compliance Risks: Flywire operates in a highly regulated global environment and is subject to extensive governmental regulations pertaining to payments, data privacy, anti-money laundering (AML), counter-terrorist financing (CTF), and currency controls across numerous jurisdictions. Failure to comply with these complex and evolving regulations can lead to substantial fines, legal challenges, reputational damage, and limitations on its operations. For example, Flywire was fined by Lithuania's financial services authority for failing to meet equity capital requirements in 2023.
2. Intense Competition: Flywire operates within a dynamic and competitive payments ecosystem, facing rivals that include established global payment processors, innovative fintech companies, and specialized niche providers. Key players such as PayPal, Stripe, and Adyen compete on factors like global reach, transaction fees, and the breadth of their technological offerings. This competitive landscape requires continuous innovation, adaptation of its platform, and effective client acquisition and retention strategies to maintain its market position and growth.
3. Macroeconomic Headwinds and Geopolitical Risks: The company's financial performance is sensitive to global macroeconomic conditions, including economic slowdowns, inflation, and fluctuating interest rates, which can impact consumer and enterprise spending. Furthermore, geopolitical developments and changes in governmental policies, particularly immigration policies affecting cross-border student flows in key education markets like the U.S., Canada, and Australia, pose a significant risk of revenue pressure for Flywire's core education segment.

• Global Initiatives to Modernize Cross-Border Payments: There is a clear and active global push, led by bodies like the G20 and various central banks, to make cross-border payments significantly faster, cheaper, more transparent, and more inclusive. This includes the ongoing development and piloting of Central Bank Digital Currencies (CBDCs) for potential use in international transactions, as well as broader efforts to enhance existing payment infrastructures. Flywire's core value proposition lies in navigating and simplifying the current complexities, inefficiencies, and high costs associated with international payments for its clients. If these global initiatives succeed in fundamentally streamlining the underlying infrastructure for cross-border payments, it could diminish the need for specialized intermediaries like Flywire or commoditize their services, thereby eroding Flywire's competitive advantage.

Flywire (FLYW) operates in several key addressable markets globally for its payment enablement and software solutions.

The company identifies the following total addressable markets (TAMs) for its main verticals:

• Business-to-Business (B2B): Flywire estimates the total addressable market for B2B payments to be approximately $10 trillion globally.
• Education: The global total addressable market for education, as seen by Flywire, is $660 billion.
• Travel: Flywire estimates the global total addressable market for travel to be $530 billion.
• Healthcare: The global total addressable market for healthcare, according to Flywire, is $500 billion.

Flywire (symbol: FLYW) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion within Existing Clients and Acquisition of New Clients Across Diverse Verticals: Flywire focuses on deepening its relationships with current clients by encouraging broader full-suite deployments and deeper ERP integrations. The company also continues to acquire new clients, having signed approximately 750 net new clients in 2025, reflecting strong demand across its verticals and geographies. This growth is evident in areas such as healthcare payment processing ramps and customer wins in the travel sector.
2. Product and Platform Innovation: A core operating priority for Flywire is accelerating product and platform innovation. This includes the planned introduction of new AI-powered features for its invoice platform in the B2B segment, accelerating the adoption of Student Financial Software (SFS) in education, and exploring emerging payment capabilities such as early stablecoin pilots for settlement use cases. These innovations aim to enhance customer payment experiences and streamline operational complexities from invoicing to payment reconciliation.
3. Geographical Expansion: Flywire is actively expanding its international footprint by strengthening its presence in key markets. This includes significant activity in the U.K. education sector, as well as growing opportunities in Germany, France, and Japan. The company is also forging partnerships with major financial institutions in India. Notably, more than 50% of new education clients signed in 2025 originated from outside Flywire's traditional "Big 4" education markets. The acquisition of WPM is specifically aimed at accelerating market share in the U.K. education sector.
4. Strategic Acquisitions: Recent strategic acquisitions are expected to contribute significantly to Flywire's revenue growth. The acquisition of Sertifi in early 2025 is anticipated to accelerate Flywire's reach in the travel industry and contribute substantially to revenues. Similarly, the acquisition of WPM is expected to enhance its market share in the U.K. education sector.

Share Repurchases

• Flywire announced a share repurchase program in August 2024, initially authorizing up to $150 million worth of shares.
• The share repurchase program was subsequently increased to $300 million.
• The company repurchased $72.9 million in shares during 2025. Approximately $10.0 million worth of shares were repurchased in Q4 2025, with $182 million remaining in the program as of the end of Q4 2025.

Share Issuance

• Flywire completed its Initial Public Offering (IPO) in May 2021, pricing 10,440,000 shares of common stock at $24.00 per share, with underwriters exercising an option to purchase an additional 1,566,000 shares.
• The IPO generated estimated net proceeds of $263.7 million for Flywire.
• In late February 2026, Flywire filed a US$77.86 million ESOP-related shelf registration.

Inbound Investments

• Voss Capital, LP acquired 3,790,014 shares of Flywire Corp on May 27, 2025, at a price of $10.58 per share.
• Voss Capital further purchased $3.2 million worth of Flywire shares on December 30 and 31, 2025.

Outbound Investments

• Flywire acquired WPM in December 2021 to accelerate its expansion in the UK education market.
• In August 2024, Flywire acquired Invoiced for approximately $51.7 million to bolster its B2B vertical.
• Flywire acquired Sertifi in February 2025 for $330 million, aiming to accelerate its travel business.

Capital Expenditures

• Flywire's capital expenditures were $1.05 million in 2021, $1.35 million in 2022, $1.01 million in 2023, $0.92 million in 2024, and $1.35 million in 2025.
• The company is committed to investing in technology and development to sustain long-term growth and profitability.
• A primary focus of capital allocation includes leveraging AI to enhance operational efficiencies and client services in 2026.