Flywire’s Revenue Jump 43% YoY in Q1 2022

Nasdaq-listed global payments enablement and software company, Flywire announced its financial results for the first quarter that ended 31 March 2022 (Q1 2022) yesterday. While the company witnessed strong growth in revenues, its net loss increased during the reported period.

With an increase of 43%, Flywire’s revenue reached $64.4 million in Q1 2022, compared to $45 million in Q1 2021. The gross margin touched 60.1%, compared to 61.3% during the first three months of 2021. The net loss for Q1 2022 came in at $10.1 million, which is slightly higher compared to the net loss of $8.7 million in Q1 2021.

"Flywire posted a strong start to 2022, with first-quarter revenue increasing 43% and revenue less ancillary services increasing 47% compared to the first quarter of 2021, driven primarily by growth in education and travel,” said Mike Massaro, the CEO of Flywire. "We added over 130 clients in Q1, the most clients added in a quarter since our IPO, reflecting the continued execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term of our growth strategies and investments. Our primary verticals have been resilient despite global and macro uncertainties, with strong secular tailwinds that we believe will continue to drive our growth in 2022 and beyond."

The total payment volume climbed 46% YoY to $4.2 billion in the first quarter. In the same period last year, Flywire posted a total payment volume of $2.9 billion.

Developments

Flywire expanded its operations in the first quarter. The company recently announced a collaboration with Ascensus. In addition, the financial technology firm became the exclusive international payments partner for Adapt IT, a leading software company in South Africa, to streamline and digitize cross-border education payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for students studying in South Africa.

In March 2022, Flywire joined hands with Tribal Group to provide a seamless payment experience for students and operational efficiencies for higher educational institutions.