US Fintech Flywire to Raise $250 Million in IPO

The Boston-based 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 firm, Flywire Corporation has priced its initial public offering (IPO) at $24 per share, which is at the higher end of the previously proposed price band of $22-$24. It will raise around $250 million at that offer price.

The Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term company is expected to list its shares on Nasdaq on Wednesday under the ticker FLYW. Initially, it will sell 10.44 million common stocks and has been granted a 30-day option to purchase up to an additional 1.54 million common stocks.

Furthermore, the company is expecting around 99.8 million outstanding shares following the public offering or around 101.4 million shares if the underwriters exercise all over-allotments.

Flywire has onboarded A-listed investors like Accel Partners, Bain Capital Ventures, Goldman Sachs and Spark Capital as pre-IPO backers.

It has brought Goldman Sachs, J.P. Morgan, Citigroup and BofA as the lead book-runners for the IPO, while Raymond James, RBC Capital Markets and William Blair are acting as book-running managers.

Guggenheim Securities, Nomura, AmeriVet Securities, Ramirez & Co., Inc., Siebert Williams Shank and Telsey Advisory Group are acting as co-managers for the offering, according to Tuesday’s announcement.

Disrupting Cross-Border Payments

Formerly known as peerTransfer, Flywire was founded in 2009 by Iker Marcaide, an MIT graduate. The company is aiming to solve the problems of expensive international money transfers, which are expensive through traditional banking channels. It can settle payments in 240 countries and territories and in more than 130 currencies.

The company first floated the idea of going public in March with the filing of a draft registration with the US securities market regulator following the submission of an S-1 form, earlier this month.

Furthermore, the fintech is heavily funded with the backing of big names like Spark Capital, Bain Capital Ventures and F-Prime.