Flywire, a global payments and software company, recently released its financial results for the third quarter of 2021. The company experienced strong growth in revenue, net income and total payment volume during the recent period.
Amid a jump in digital adoption, Flywire’s total payment volume crossed $5.3 billion, which is 76% higher compared to the same period last year. Revenues climbed 61% YoY to $67.8 million. In the third quarter of last year, the company reported a revenue of $42.1 million.
Additionally, net income spiked substantially in Q3 of 2021. The figure touched $10 million, compared to $5.2 million in Q3 of 2020. Adjusted EBITDA was $17.6 million in the third quarter of 2021.
“We experienced another strong quarter with growth across all areas of our business, resulting in revenue less ancillary services growth of 67% compared to the third quarter of 2020,” said Mike Massaro, CEO of Flywire. “We believe the next decade will bring a wave of digitization across the education, healthcare, travel and B2B industries and that Flywire is uniquely positioned to lead this trend with our powerful combination of software and payments.”
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Headquartered in Boston, Flywire is one of the most valuable fintech companies in the world. The Nasdaq-listed firm combines its proprietary global payments network, next-gen payments platform, and vertical-specific software to deliver efficient payments solutions.
In addition to strong financial results for the third quarter, Flywire published an outlook for the fiscal year 2021. Flywire is expecting revenues between $190 million and $193 million. Moreover, the company is expecting an Adjusted EBITDA of $22 to $24 million.
“Flywire leverages its vertical-specific software and payments technology to deeply embedded within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, so organizations can optimize the payment experience for their customers while eliminating operational challenges,” the company added.