Flywire, f/k/a peerTransfer, a provider of cross-border payment solutions, has acquired Toronto-based ScholarFX, a processor of tuition, room and board payments for international students attending universities and other educational institutions in Canada.
The news follows Flywire’s successful October 2015 acquisition of UK-based Uni-Pay, and its continued strong organic growth.
The ScholarFX acquisition brings the total number of colleges and universities served by Flywire to almost 900, adding institutions such as Bishop’s University, MacEwan University and Camosun College. ScholarFX will become part of Flywire Canada, based in Toronto. Existing educational clients will migrate to the Flywire platform over the next few months and ScholarFX’s founder, Darren Chadwick, joins Flywire Canada in a leadership role.
For international students attending schools in Canada, Flywire offers best-in-class currency conversion rates, 24/7 payment tracking, multi-lingual customer service, and the ability to pay in 70 different local currencies. Education institutions benefit from Flywire’s payment reconciliation tools, global account servicing, and easy-to-use digital tracking.
Canada is one of the fastest-growing destinations for international education today. According to the Canadian Bureau for International Education (CBIE), Canada attracted over 330,000 international students during the 2014-15 school year, up 83% from 2008. China, India, France, South Korea and the United States are the leading countries of origination for Canadian institutions.
Flywire continues to experience strong growth in recent months:
• The company is on-track to process $2 billion in tuition, room and board payments in the academic year ending Spring 2016, double the previous year’s volume.
• Uni-Pay client institutions have responded enthusiastically to Flywire’s payment platform and FX capabilities. Migration efforts will be completed by end of March. Flywire is now the clear leader in international tuition payment services in the UK.
• In October, the company announced its entry into the $40B medical tourism market.
• Flywire now has over 100 employees worldwide, a doubling vs. year ago.
• At its Boston-based headquarters, the company is adding 5,000 square feet of space to accommodate growth in personnel and operations.
• In September, Flywire changed its name from peerTransfer, setting its sights on becoming the global standard for important, large-sum payments that cross borders.
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