Flywire Corp. reported a net income of $13.5 million on revenue of $623.0 million for the year ended December 31, 2025, compared to a net income of $2.9 million on revenue of $492.1 million for the previous year. This represents a revenue increase of 26.6% and a significant improvement in profitability. The company's transaction payment volume grew by 26.4% to $37.6 billion, driven by both existing and new clients, although growth was tempered by changes to international student visa policies in Canada. The company's platform and other revenues increased by 47.0% to $120.4 million, primarily due to recent acquisitions and increased healthcare platform product adoption.
A key strategic development for Flywire in 2025 was the acquisition of Sertifi, a hospitality-specific software and payments platform, for $330.0 million in cash and up to $10.0 million in contingent consideration. This acquisition is expected to accelerate Flywire's growth in the travel sector. The company also continued to integrate Invoiced, acquired in August 2024, into its B2B payments vertical. These acquisitions contributed to increased amortization and personnel costs, impacting operating expenses. The company also implemented a restructuring plan in February 2025, incurring $8.7 million in restructuring-related charges.
Operationally, Flywire continued to expand its global payment network, now reaching over 240 countries and territories and supporting more than 140 currencies. The company serves approximately 5,000 clients, excluding those acquired from Sertifi and Invoiced, with a strong presence in education (over 3,200 institutions) and healthcare (over 150 systems). The company's annual net dollar-based retention rate was approximately 110% for 2025, reflecting its ability to retain and grow revenue from existing clients. However, this rate decreased from 114% in 2024 and 125% in 2023, primarily due to changes in international student visa policies in Canada.
Looking ahead, Flywire anticipates continued growth, driven by expanding its client reach, ecosystem partnerships, and entry into new verticals and geographies. The company also intends to pursue strategic acquisitions to complement its organic growth. However, Flywire acknowledges potential challenges, including fluctuations in foreign currency exchange rates, increased competition, and the impact of global economic and political instability. The company also notes the potential adverse effects of government changes to international student visa policies, particularly in Canada and Australia, and the need to adapt to evolving technology and regulatory landscapes.
About Flywire Corp
Flywire is a global payments enablement and software company specializing in complex, high-value transactions across industries such as education, healthcare, travel, and B2B. Its platform offers tailored invoicing, flexible payment options, and seamless integration with existing systems. With a proprietary global payment network and industry-specific software, Flywire streamlines cross-border and domestic payments, enhancing efficiency, security, and customer experience worldwide.
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