US Fintech Flywire to Raise $250 Million in IPO
- The company will sell 10.44 million of its common stocks in the public offering.
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 commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. 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 commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. 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.
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.
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 commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. 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 commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. 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.
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.