Nasdaq-listed international payments enablement and software firm, Flywire recently reported its financial results for the second quarter of 2022. In the quarter ended 30 June 2022, Flywire’s revenues reached $56.5 million, which is 53% higher compared to the same period last year.
With a spike of almost 49% YoY, the company’s total payment volume touched $2.9 billion in the second quarter of 2022. In Q2 2021, Flywire’s total payment volume stood at $1.9 billion. Gross profit for the recent period came in at $33.2 million, compared to $22.5 million in the second quarter of 2021.
“I'm really pleased to report another strong quarter for Flywire, where we delivered strong revenue, adjusted gross profit and better than expected adjusted EBITDA, which is a reflection of the continued execution of our growth strategies," said Mike Massaro, the CEO of Flywire.
"Our second quarter results are a testament to our team of global FlyMates who continue to perform at the highest level to better support our clients and payers in the education, healthcare, travel and B2B industries,” Massaro added.
Despite a jump in the overall demand, Flywire has witnessed some challenges during the second quarter. The company’s net income took a major hit during the reported period.
Business Highlights
In July 2022, Flywire announced the acquisition of Cohort Go to facilitate its global expansion. According to the details shared by Flywire, Asia-Pacific is one of the most important regions in the company’s international expansion strategy.
“Despite uncertainties in the global economy, I'm pleased to see our strategy working as expected as we continued to efficiently win new clients and cross-sell existing clients across all verticals. Grounded by our successful track record, we plan to continue to make targeted investments in go-to-market, geographic expansion, and product and payment innovation, positioning us well for future growth,” Massaro explained.
