Flywire Corporation reported its financial results for the first quarter of 2025, revealing a revenue of $133.5 million, a 17% increase from $114.1 million in the same period last year. The company experienced a net loss of $4.2 million, an improvement compared to the net loss of $6.2 million reported in the first quarter of 2024. The increase in revenue was primarily driven by a rise in transaction revenue, which reached $108.5 million, up from $95.2 million, reflecting a 14% growth. Additionally, platform and other revenues surged by 32.3% to $25 million, bolstered by contributions from recent acquisitions.
In terms of operational metrics, Flywire's total payment volume for the quarter was approximately $8.4 billion, a 20% increase from $7.0 billion in the prior year. The company attributed this growth to a 28% rise in transaction payment volume, which was partially offset by a decrease in revenue from Canadian clients due to new international student permit application caps. As of March 31, 2025, Flywire served over 4,600 clients globally, including more than 3,100 educational institutions and over 100 healthcare systems.
Strategically, Flywire has made significant moves to enhance its market position, including the acquisition of Sertifi LLC for $330 million, which is expected to accelerate its travel business and expand its offerings to over 20,000 hotel locations. The acquisition was financed through a combination of cash on hand and a $125 million draw from its 2024 Revolving Credit Facility. Additionally, the company acquired Invoiced in August 2024, further strengthening its B2B vertical. The restructuring plan announced in February 2025, which incurred $7.3 million in expenses, aims to improve operational efficiencies and align the workforce with strategic priorities.
Flywire's financial position remains robust, with cash and cash equivalents totaling $190.5 million as of March 31, 2025. However, the company reported a significant cash outflow of $304.7 million during the quarter, primarily due to the Sertifi acquisition and share repurchases amounting to $48.4 million. Looking ahead, Flywire anticipates continued growth driven by client expansion and increased utilization of its payment solutions, although it acknowledges the potential for ongoing losses in the short term as it invests in technology and market development.
About Flywire Corp
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