Nasdaq-listed global payments and software firm, Flywire recently announced its preliminary and unaudited financial results for Q4 and FY 2021. With a surge in demand for its services, the company witnessed decent growth across key metrics, including revenue, adjusted EBITDA, and total payment volume.
For the fiscal year 2021, Flywire reported revenue worth $201.1 million, which is 53% higher compared to $131.8 million in FY 2020. In absolute terms, the gross margin climbed 2%. However, the company faced challenges in terms of profitability. For the reported period, Flywire’s net loss widened to $28 million, compared to $11.1 million in the fiscal year 2020.
"Flywire delivered strong results in 2021, with total annual revenue increasing 53% and total annual revenue less ancillary services increasing 58% year-over-year. The demand for domestic and cross-border payments led to another strong quarter of revenue growth, backed by our success in growing existing clients, winning new clients and expanding our channel partnerships around the world,” said Mike Massaro, the CEO of Flywire.
In May last year, Flywire successfully completed its initial public offering (IPO).
Milestones
In the fiscal year 2021, Flywire took on several initiatives to accelerate its business expansion. The financial technology company established partnerships with YayPay, Finvi and AdaptIT. Moreover, the firm announced the acquisition of WPM last year. To increase its presence in Canada and Latin America, Flywire enhanced its digital education business in the mentioned regions.
"We now have over 2,500 clients in our four primary verticals. Our clients rely on us to get paid and help their customers pay easily from anywhere in the world. They are also trusting us to leverage our software to solve deeper and more complex payment flows and a wide variety of transaction types. Looking ahead, we plan to build on this foundation and continue to deliver market-leading, vertical-specific software that drives value in payments,” Massaro added.
