Flywire has also announced a $120m Series E investment round led by Goldman Sachs to support investment in its multi-vertical strategy
US-based payment solutions company Flywire has acquired Simplee, a provider of healthcare technology platform, for an undisclosed amount.
The acquisition is aimed at optimising digital payments, patient engagement experience, and enhancing global payments services in healthcare sector, said the company.
Flywire CEO Mike Massaro said: “Flywire is uniquely built on a global payments network, which is the cornerstone of how we move billions of dollars across 200+ countries and 150 currencies, and an industry-leading payments platform.
“This digital foundation enables us to develop vertical-specific applications that make payments more efficient and cost-effective for our global clients. The Simplee acquisition improves patient engagement and healthcare affordability and extends these capabilities to a broader customer base.”
The acquisition of Simplee is expected to boost Flywire’s growing healthcare payments business and increase its market share.
According to the company, the transaction will speed up the digitisation of payments and addresses the challenges associated with patient engagement, healthcare finance and affordability.
In addition, the acquisition would combine Flywire’s advanced platform with Simplee’s consumer-first paths to payment, to enable both patients and providers to settle payment in less time.
Flywire secures $120m in Series E investment round, led by Goldman Sachs
In addition to the acquisition, the company is also planning to close a $120m Series E investment round, led by Goldman Sachs, to support the digitisation of payments across education, healthcare and travel.
Alongside Goldman Sachs and existing investors, Tiger Management and Adage Capital Management will also join the funding round as new investors. The investment round will the make the Flywire’s total capital investment to $260m.
Goldman Sachs merchant banking division managing director Ashwin Gupta said: “We are thrilled to lead the Series E round for Flywire. They bring together a unique blend of a payments network, platform and vertical-specific solutions to completely digitize the payments experience for their clients across industries. We look forward to continuing to help accelerate Flywire’s growth.”