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 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 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.
