Boston-based Flywire, f/k/a peerTransfer, has acquired UK tuition processor Uni-Pay. Uni-Pay offers tuition payment services to students attending 60 educational institutions in the UK, the second leading destination for foreign students studying abroad.
Uni-Pay clients include University of Durham, University of Leeds, Manchester Metropolitan University, Liverpool John Moores University, Kings Education, Bell Educational Services and University of Liverpool. The company’s six Warrington-based employees will join Flywire, which began operating in the UK two years ago.
With the acquisition, Flywire will now serve over 120 UK-based educational clients, making it the clear market leader in the UK. Worldwide, the company now provides payment processing of international tuition, room and board payments, on an exclusive basis, for over 800 schools across 12 countries.
The company, which raised $22M in early 2015 to accelerate its international growth, is on-track to process $2 billion in tuition payments this academic year. The company recently announced it was changing its name from peerTransfer to Flywire, as it seeks to become the global standard for important, large-sum payments that cross borders.
In July, the company announced its expansion into China, the world’s largest market for students studying abroad.
Flywire provides an easy-to-use, cost-effective and secure way for international students to pay their tuition and other expenses at educational institutions located primarily in the U.S., Canada, the United Kingdom and Australia.
Its cloud-based solution and growing payment volumes enable the firm to provide discounted currency conversion rates that can result in significant savings vs. the rates offered by banks in students’ home countries. Educational providers can offer a range of multi-currency payment options including bank transfers, credit/debit cards, and online banking.
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