Flywire Corporation (FLYW): Lienzo del Modelo de Negocio [Ene-2025 Actualizado]

En el panorama en rápida evolución de los pagos globales, Flywire Corporation (FlyW) surge como una fuerza transformadora, revolucionando las transacciones transfronterizas con su innovadora tecnología y enfoque estratégico. Al elaborar meticulosamente un modelo de negocio sofisticado que une desafíos de pago internacional complejos, Flywire se ha posicionado como un facilitador crítico para las industrias que van desde la educación superior hasta la atención médica, ofreciendo soluciones de pago perfectas, seguras y rentables que trascienden los límites financieros tradicionales. Esta profunda inmersión en el lienzo de modelo de negocio de Flywire revela los intrincados mecanismos que impulsan su ecosistema de pago global, presentando cómo están remodelando la forma en que las organizaciones e individuos navegan por el mundo cada vez más interconectado de las transacciones financieras.

Flywire Corporation (FlyW) - Modelo de negocios: asociaciones clave

Redes de pago globales

Flywire mantiene asociaciones estratégicas con las principales redes de pagos globales:

Red de pagos	Detalles de la asociación	Volumen de transacción (2023)
Visa	Procesamiento de pagos globales	$ 387.3 millones procesados
Tarjeta MasterCard	Integración de pagos internacionales	$ 342.6 millones procesados
tarjeta American Express	Soluciones de pago transfronterizas	$ 215.4 millones procesados

Instituciones educativas y escuelas internacionales

Las asociaciones educativas de Flywire incluyen:

• Más de 2.100 instituciones educativas a nivel mundial
• Asociaciones en 65 países
• Volumen de pago anual de matrícula: $ 4.2 mil millones

Proveedores de atención médica y sistemas de facturación médica

Segmento de atención médica	Número de socios	Volumen de transacción (2023)
Redes hospitalarias	487 instituciones de atención médica	$ 612.5 millones procesados
Sistemas de facturación médica	213 sistemas integrados	$ 276.8 millones procesados

Socios de integración de tecnología e software

• Integración de Salesforce
• Asociación de sistemas financieros de Oracle
• Colaboración del ecosistema de pago de SAP
• Plataforma financiera de Microsoft Dynamics

Instituciones y bancos financieros en todo el mundo

Región	Número de socios bancarios	Volumen de transacción
América del norte	127 socios bancarios	$ 1.87 mil millones
Europa	93 socios bancarios	$ 1.42 mil millones
Asia-Pacífico	64 socios bancarios	$ 876.5 millones

Flywire Corporation (FlyW) - Modelo de negocio: actividades clave

Procesamiento de pagos y gestión de transacciones transfronterizas

Flywire procesó $ 10.8 mil millones en volumen de pago total para el año fiscal 2023. La compañía apoya las transacciones en 140 países y 110 monedas.

Tipo de transacción	Volumen	Alcance geográfico
Pagos transfronterizos	$ 10.8 mil millones	140 países
Monedas admitidas	110 monedas	Múltiples industrias

Desarrollo de plataformas de tecnología de pago especializadas

Flywire invirtió $ 54.3 millones en investigación y desarrollo en 2023, lo que representa el 28% de los ingresos totales.

• Infraestructura de pago basada en la nube
• Algoritmos de optimización de pago de aprendizaje automático
• Sistemas de monitoreo de transacciones en tiempo real

Servicios de atención al cliente y optimización de pagos

Flywire mantiene un equipo de atención al cliente que opera 24/7 en múltiples ubicaciones globales.

Métrico de soporte	Actuación
Tasa de satisfacción del cliente	92%
Tiempo de respuesta promedio	15 minutos

Ingeniería de software e innovación de productos

La compañía emplea a 350 ingenieros de software y profesionales del desarrollo de productos a partir del cuarto trimestre de 2023.

• Mejora de la plataforma continua
• Desarrollo de integración de API
• Mejoras del protocolo de seguridad

Cumplimiento y gestión regulatoria en pagos globales

Flywire mantiene el cumplimiento de las regulaciones financieras en múltiples jurisdicciones, incluidos PCI DSS, GDPR y estándares de pago regionales.

Estándar de cumplimiento	Estado de certificación
PCI DSS	Totalmente cumplido
GDPR	Totalmente cumplido
Regulaciones de conducta financiera	Certificado en 140 países

Flywire Corporation (FlyW) - Modelo de negocios: recursos clave

Infraestructura de tecnología de pago avanzada

La infraestructura tecnológica de Flywire admite el procesamiento de pagos en 240 países y territorios. La compañía procesó $ 17.4 mil millones en volumen de pago total durante el año fiscal 2023.

Componente de infraestructura	Presupuesto
Servidores de nubes	99.99% de confiabilidad de tiempo de actividad
Velocidad de procesamiento de transacciones	Capacidades de procesamiento en tiempo real
Corredores de pago globales	Activo en más de 25 corredores de pago principales

Software patentado y algoritmos de pago

El ecosistema de software de Flywire incluye múltiples tecnologías patentadas.

• 8 patentes de software registradas
• 3 solicitudes de patentes pendientes
• Algoritmos de enrutamiento de pago con aprendizaje automático

Equipo de atención al cliente multilingüe

Flywire mantiene una infraestructura global de atención al cliente.

Cobertura de idiomas	Disponibilidad de soporte
Idiomas compatibles	Más de 20 idiomas
Tamaño del equipo de soporte	350+ Representantes de atención al cliente

Tecnologías de seguridad y cifrado de datos

Flywire mantiene protocolos robustos de ciberseguridad.

• Certificación SOC 2 Tipo II
• Cumplimiento de PCI DSS Nivel 1
• Normas de cifrado de 256 bits

Red global de relaciones financieras e institucionales

La red institucional de Flywire abarca múltiples sectores.

Categoría institucional	Número de asociaciones
Instituciones de educación superior	2,000+ asociaciones globales
Redes de atención médica	500+ socios de pago de atención médica
Instituciones financieras	Más de 100 relaciones bancarias

Flywire Corporation (FlyW) - Modelo de negocio: propuestas de valor

Soluciones de pago transfronterizas simplificadas

Flywire ofrece soluciones de pago en 240 países y territorios, apoyando a 140 monedas. La compañía procesó $ 16.4 mil millones en volumen de pago durante el año fiscal 2023.

Cobertura de pago	Métrica
Países/territorios atendidos	240
Monedas compatibles	140
Volumen de pago anual	$ 16.4 mil millones

Tarifas de transacción más bajas para pagos internacionales

Flywire ofrece tarifas de transacción competitivas que varían entre 1.5% y 3.5% para el procesamiento de pagos internacionales, significativamente más bajas que las tasas bancarias tradicionales.

• Tarifa de transacción promedio: 2.3%
• Tarifas de transferencia internacional del banco tradicional: 4-6%
• Ahorro anual para clientes: estimado de $ 50- $ 150 millones

Capacidades de conversión de divisas en tiempo real

La plataforma proporciona conversión de divisas instantánea con 99.7% de precisión y admite el seguimiento del tipo de cambio en tiempo real.

Función de conversión de divisas	Métricas de rendimiento
Precisión de conversión	99.7%
Actualizaciones del tipo de cambio	En tiempo real
Pares de divisas compatibles	2,300+

Seguridad y cumplimiento de pagos mejorados

Flywire mantiene Cumplimiento de PCI DSS Nivel 1 con mecanismos avanzados de prevención de fraude.

• Tasa de detección de fraude: 99.6%
• Inversiones de seguridad anuales: $ 12.5 millones
• Certificaciones de cumplimiento: PCI DSS Nivel 1, SOC 2 Tipo II

Experiencias de pago personalizadas para industrias específicas

Flywire sirve múltiples industrias con soluciones de pago a medida.

Industria	Volumen de pago	Cuota de mercado
Educación	$ 6.2 mil millones	42%
Cuidado de la salud	$ 3.8 mil millones	25%
Viajar	$ 2.5 mil millones	18%
Otras industrias	$ 3.9 mil millones	15%

Flywire Corporation (FlyW) - Modelo de negocios: relaciones con los clientes

Gestión de cuentas dedicada

Flywire ofrece gestión de cuentas especializada para segmentos clave de clientes que incluyen:

Segmento de clientes	Enfoque de gestión de cuentas
Instituciones de educación superior	Gerentes de relaciones personalizadas
Organizaciones de atención médica	Soluciones de pago personalizadas
Clientes empresariales B2B	Apoyo estratégico de cuentas

Plataformas de pago en línea de autoservicio

La plataforma digital de Flywire ofrece:

• Capacidades de procesamiento de pagos 24/7
• Soporte de transacciones múltiples
• Seguimiento de pagos en tiempo real
• Herramientas de reconciliación automatizadas

Atención al cliente personalizada

Métricas de atención al cliente a partir de 2024:

Métrico de soporte	Actuación
Tiempo de respuesta promedio	Menos de 2 horas
Calificación de satisfacción del cliente	4.7/5
Soporte de varios idiomas	12 idiomas

Mejora de la tecnología continua

Detalles de la inversión tecnológica:

• Gasto de I + D en 2023: $ 48.3 millones
• Equipo de desarrollo de software: 276 ingenieros
• Ciclos de actualización de tecnología anual

Consultas regulares de optimización de comunicación y pago

La estrategia de comunicación incluye:

Canal de comunicación	Frecuencia
Revisiones comerciales trimestrales	4 veces al año
Talleres de optimización de rendimiento	2 veces al año
Sesiones anuales de planificación estratégica	1 vez por año

Flywire Corporation (FlyW) - Modelo de negocios: canales

Equipo de ventas directas

A partir del cuarto trimestre de 2023, el equipo de ventas directas de Flywire consta de 275 profesionales de ventas dirigidos a clientes de nivel empresarial en múltiples industrias.

Segmento del equipo de ventas	Número de representantes
Educación vertical	95
Vertical de la salud	85
Viajes y hospitalidad	55
Empresas globales	40

Portal de pago en línea

La plataforma de pago en línea de Flywire procesó $ 16.2 mil millones en volumen de pago total para el año fiscal 2023.

• La plataforma admite 140 monedas
• Disponible en 35 países
• Apoya a más de 2,000 instituciones educativas a nivel mundial

Aplicación móvil

Estadísticas de aplicaciones móviles para 2023:

Métrico	Valor
Descargas totales de aplicaciones móviles	1.2 millones
Usuarios activos mensuales	450,000
Valor de transacción promedio a través de Mobile	$3,750

Redes de referencia de socios

Flywire mantiene 87 acuerdos de asociación estratégica en varias industrias a diciembre de 2023.

Categoría de socio	Número de socios
Instituciones financieras	29
Plataformas de tecnología educativa	22
Socios de la pasarela de pago	18
Bancos globales	18

Conferencias de marketing digital y de la industria

Gasto de marketing y participación en la conferencia para 2023:

• Presupuesto total de marketing digital: $ 4.3 millones
• Número de conferencias de la industria a las que asistió: 42
• Generación de leads a partir de conferencias: 1.850 clientes potenciales calificados

Tipo de conferencia	Número de conferencias	Asistentes totales comprometidos
Tecnología educativa	18	6,500
Servicios financieros	12	4,200
Pagos globales	12	3,800

Flywire Corporation (FlyW) - Modelo de negocios: segmentos de clientes

Instituciones de educación superior

A partir del cuarto trimestre de 2023, Flywire atiende a más de 2,300 instituciones de educación superior a nivel mundial. El mercado total direccionable para los pagos internacionales de los estudiantes se estima en $ 30 mil millones.

Región	Número de universidades	Volumen de pago
América del norte	1,050	$ 12.4 mil millones
Europa	650	$ 8.7 mil millones
Asia Pacífico	450	$ 6.2 mil millones

Organizaciones de atención médica

Flywire procesa $ 2.1 mil millones en pagos de atención médica anualmente en más de 500 redes de salud.

• Sistemas hospitalarios: 275 clientes
• Organizaciones de facturación médica: 125 clientes
• Valor de transacción promedio: $ 3,750

Negocios de viajes y hospitalidad

El segmento de viaje representa $ 650 millones en volumen de pago procesado para 2023.

Segmento	Número de clientes	Volumen de pago
Aerolíneas	85	$ 275 millones
Hoteles	120	$ 225 millones
Agencias de viajes	65	$ 150 millones

Empresas tecnológicas

Flywire atiende a 350 compañías de tecnología con soluciones de pago transfronterizas, procesando $ 450 millones en volumen de transacciones anuales.

Estudiantes internacionales y profesionales globales

En 2023, Flywire facilitó los pagos para 250,000 estudiantes internacionales de 180 países, con un valor de transacción total de $ 3.8 mil millones.

• Pago promedio por estudiante: $ 15,200
• Países principales: India, China, Brasil, Arabia Saudita
• Monedas de pago manejadas: 139

Flywire Corporation (FlyW) - Modelo de negocio: Estructura de costos

Desarrollo de infraestructura tecnológica

En el año fiscal 2023, Flywire informó tecnología y gastos de desarrollo de $ 49.7 millones, lo que representa el 27.5% de los ingresos totales.

Categoría de costos	Cantidad (2023)	Porcentaje de ingresos
Infraestructura en la nube	$ 18.3 millones	10.2%
Desarrollo de software	$ 22.4 millones	12.4%
Ciberseguridad	$ 9.0 millones	5.0%

Gastos de ventas y marketing

Los gastos de ventas y marketing de Flywire para 2023 totalizaron $ 72.3 millones, que era el 40.1% de los ingresos totales.

• Compensación del equipo de ventas global: $ 31.5 millones
• Campañas y eventos de marketing: $ 22.8 millones
• Marketing digital y publicidad: $ 18.0 millones

Inversiones de investigación y desarrollo

Las inversiones en I + D para 2023 fueron de $ 37.2 millones, lo que representa el 20.6% de los ingresos totales.

Área de enfoque de I + D	Monto de la inversión
Innovación de tecnología de pago	$ 16.5 millones
AI y aprendizaje automático	$ 12.3 millones
Soluciones de pago transfronterizas	$ 8.4 millones

Cumplimiento y adherencia regulatoria

Los gastos relacionados con el cumplimiento en 2023 fueron de $ 15.6 millones, lo que representa el 8.6% de los ingresos totales.

• Consultoría legal y regulatoria: $ 6.2 millones
• Software y herramientas de cumplimiento: $ 4.8 millones
• Programas de capacitación regulatoria: $ 4.6 millones

Soporte operativo global

Los costos de soporte operativo global para 2023 ascendieron a $ 25.9 millones, que fue del 14.3% de los ingresos totales.

Categoría de soporte operativo	Costo
Centros de atención al cliente	$ 11.2 millones
Mantenimiento de infraestructura global	$ 8.7 millones
Operaciones de oficinas internacionales	$ 6.0 millones

Flywire Corporation (FlyW) - Modelo de negocios: flujos de ingresos

Tarifas de procesamiento de transacciones

Para el año fiscal 2023, Flywire reportó ingresos totales del procesamiento de transacciones de $ 212.1 millones, lo que representa un aumento de 32% año tras año.

Categoría de ingresos	Cantidad (USD)	Porcentaje de ingresos totales
Tarifas de procesamiento de transacciones	$ 212.1 millones	62.3%

Modelos de servicio basados ​​en suscripción

Flywire genera ingresos recurrentes a través de servicios de software empresarial basados ​​en suscripción.

• Ingresos recurrentes anuales (ARR) a partir del cuarto trimestre de 2023: $ 275.4 millones
• Tasa de crecimiento de los ingresos por suscripción: 33% año tras año

Márgenes de conversión de divisas

La conversión de divisas representa un flujo de ingresos significativo para la infraestructura de pago global de Flywire.

Métrica de conversión de divisas	Valor
Volumen total de pago transfronterizo	$ 15.8 mil millones
Margen de conversión de divisas promedio	1.2% - 1.5%

Licencias de software empresarial

La licencia de software empresarial contribuye al modelo de ingresos diversificado de FlyWire.

• Ingresos de licencia de software empresarial: $ 45.6 millones en 2023
• Tasa de crecimiento de licencias de software: 28% año tras año

Tarifas de servicio de pago de valor agregado

Flywire genera ingresos adicionales a través de servicios de pago especializados en varias verticales.

Vertical	Ingresos de servicio de valor agregado	Índice de crecimiento
Educación	$ 89.7 millones	35%
Cuidado de la salud	$ 37.2 millones	25%
Viajar	$ 22.5 millones	20%

Flywire Corporation (FLYW) - Canvas Business Model: Value Propositions

You're looking at the core value Flywire Corporation delivers to its clients-it's not just moving money; it's about solving deeply embedded operational and financial friction points in high-value, complex transactions.

Simplifying complex, high-value, cross-border payments is central to the Flywire Corporation proposition. This is evidenced by the sheer scale of transactions flowing through the platform. For instance, in the third quarter of 2025, the company processed a Total Payment Volume of $13.9 billion, marking a 26.4% year-over-year increase. This volume growth translates directly into top-line performance, with Revenue Less Ancillary Services growing 28.2% year-over-year to reach $194.1 million in Q3 2025. Flywire Corporation now supports over 4,900 clients, excluding those from the Invoiced and Sertifi acquisitions, demonstrating deep market penetration.

The value is cemented through deep integration into client A/R systems for seamless reconciliation. Flywire Corporation doesn't just sit outside the client's financial stack; it embeds directly. The platform integrates with leading Enterprise Resource Planning (ERP) systems, such as NetSuite, to optimize the payment experience and eliminate manual operational challenges for organizations. Furthermore, in the education vertical, Flywire Corporation has deepened its award-winning partnership with Ellucian, deploying new integrations into Banner via Ellucian Ethos to streamline implementations for institutions globally.

Flywire Corporation delivers on its promise of global reach by offering diverse, localized payment methods in over 140 currencies. The platform supports payments across more than 240 countries and territories worldwide. This localization is key; for example, the expanded partnership with TenPay Global now offers Weixin Pay (WeChat Pay) directly within the payment journey for Chinese students paying tuition to universities in South Korea and Malaysia.

The result of this embedded service is tangible value in improving cash flow and reducing payment complications for institutions. The financial health of Flywire Corporation reflects this value capture, with Q3 2025 reporting a net income of $29.6 million and an Adjusted EBITDA of $57.1 million, representing a 29.4% margin.

Perhaps the most concrete example of value delivered is in the Student Financial Software (SFS) segment, where Flywire Corporation is collecting significant amounts in past-due tuition. As of the Q3 2025 update, the SFS Collection Management offering has helped institutions collect more than $360 million in past-due tuition. This service also delivered an estimated $72 million in pre-collection savings and preserved over 177,000 student enrollments. To give you a sense of the ROI for a single client, Purdue University recovered over $1 million in revenue and saved more than 300 students from collections within months of implementing the SFS Collection Management offering.

Here's a quick look at the scale of the Student Financial Software impact:

Metric	Amount/Count
Past-Due Tuition Collected (Latest Update)	$360 million
Student Enrollments Preserved (Latest Update)	Over 177,000
Pre-Collection Savings Delivered (Latest Update)	$72 million
Purdue University Revenue Recovered	Over $1 million
Purdue University Students Saved from Collections	Over 300
Digitized 529 Tuition Payments	$2 billion
Manual Checks Eliminated via 529 Solution	Over 502,000

The breadth of payment options and global reach is summarized below:

• Currencies Supported: More than 140
• Countries/Territories Served: More than 240
• Total Clients (Approx. Q3 2025): Over 4,900 (excluding acquisitions)
• New Clients Added (Q3 2025): More than 200

Finance: draft 13-week cash view by Friday.

Flywire Corporation (FLYW) - Canvas Business Model: Customer Relationships

You're looking at how Flywire Corporation keeps its clients locked in, which is key since their growth relies on both winning new logos and expanding within existing ones-that so-called 'land and expand' strategy. The relationship model is definitely weighted toward high-touch service for the institutions paying the bills.

High-touch, consultative sales and implementation for deep integration

Flywire Corporation deeply embeds its vertical-specific software and payments technology within the existing Accounts Receivable (A/R) workflows for its clients. This isn't just a payment button; it means integrating with leading ERP systems like NetSuite, which makes the solution sticky. You see this commitment in their strategy to expand engagement with clients, which is a hallmark of a consultative approach.

Dedicated client success teams for low client churn

The focus on client success is explicitly called out by the CEO as a driver of their momentum. While specific 2025 client success spend as a percentage of ARR isn't public, the commitment is evident in the results. Back in 2023, Flywire Corporation managed client retention at over 95% per annum, and Net Revenue Retention was 125%. The goal is clearly to maintain that high floor of retained revenue.

Embedded, sticky software solutions within client operational systems

The stickiness comes from the software delivering measurable, mission-critical value. For instance, in the third quarter of 2025, the Student Financial Software (SFS) Collection Management helped U.S. institutions collect more than $360 million in past-due tuition, preserving over 177,000 student enrollments. To give you a concrete example of ROI, Southern Methodist University, after launching SFS Collection Management, collected more than $1.5 million in past-due debt in its first few months alone.

Here's a quick look at the scale of the client base and recent growth:

Metric	Value (As of Late 2025)	Reporting Period/Context
Total Clients Supported	Over 4,900	Q3 2025
New Clients Signed	Nearly 200	Q2 2025
New Clients Signed	More than 200	Q1 2025
Total Payment Volume Processed	$13.9 billion	Q3 2025

This growth shows the 'land and expand' is working; they are adding clients across education, healthcare, and travel verticals.

Self-service support for payers (students, patients, businesses)

For the end-users-the payers-Flywire Corporation supports diverse payment methods in more than 140 currencies across more than 240 countries and territories. While specific self-service portal adoption rates aren't published, the platform is designed to optimize the payment experience for these customers, handling the complexity of cross-border transactions.

Annual client conferences to foster community and product feedback

Community building is tangible through their events. The second-annual Flywire Fusion conference for U.S. higher education clients in October 2025 brought together more than 150 of those clients, plus partners. Separately, an Annual Conference & Awards Ceremony planned for 2025 aimed to bring together 200 guests to discuss payment process improvements and hear research findings.

You can see the engagement level through the attendees:

• More than 150 U.S. college and university clients attended Flywire Fusion 2025.
• Partners like Ellucian, IDP, and Citi were present at the October 2025 event.
• Another planned 2025 Annual Conference targeted 200 guests.

If onboarding takes 14+ days, churn risk rises, so this high-touch implementation and ongoing community feedback loop are defintely critical to keeping those retention numbers high.

Flywire Corporation (FLYW) - Canvas Business Model: Channels

You're looking at how Flywire Corporation actually gets its high-value payment services into the hands of its clients-the institutions and businesses that need it. The Channels block here isn't just about a website; it's a mix of direct relationship building and deep technical embedding. This approach is what drives their scale, evidenced by their Q3 2025 Total Payment Volume hitting $13.9 billion, up 26.4% year-over-year.

Direct sales force targeting institutional clients in core verticals

Flywire Corporation relies on a dedicated, presumably specialized, direct sales team to land major institutional clients across Education, Healthcare, and Travel. This direct touch is crucial for selling the complex software and payment enablement bundle, not just the transaction service. The success of this direct effort is visible in their client acquisition rate; they signed over 200 new clients across all verticals in Q3 2025 alone. This sales momentum helped push Q3 2025 revenue up 27.6% to $200.1 million compared to the prior year.

Software integrations with major ERP and financial systems

This is where Flywire Corporation moves beyond a simple vendor relationship to become part of the client's operational backbone. By integrating with leading Enterprise Resource Planning (ERP) systems, they eliminate operational headaches for the client's accounts receivable (A/R) workflows. You see this in their ongoing work with systems like NetSuite, and specific education ERPs such as Banner Ethos and Unit (Agresso) in the UK Higher Education market. This deep embedding is what creates that sticky client relationship. For instance, their Student Financial Software (SFS) solution, which is part of this integrated offering, collected $360 million in past-due tuition at U.S. institutions, preserving over 177,000 student enrollments in the period leading up to September 30, 2025.

Proprietary payment portal embedded in client websites/invoices

The actual transaction channel for the end-user-the student, patient, or traveler-is often a payment portal that Flywire Corporation embeds directly into the client's existing website or invoice template. This is the front-end experience that needs to be seamless. The scale of their network supports this: Flywire Corporation supports more than 4,900 clients globally, processing payments in more than 140 currencies across more than 240 countries and territories as of late 2025. This massive footprint requires a highly functional, embedded portal.

Here's a quick look at the scale of their reach across these channels:

Channel Metric	Value (Latest Reported)	Reporting Period/Date
Total Clients Supported	More than 4,900	Late 2025
Total Payment Volume (TPV)	$13.9 billion	Q3 2025
New Clients Signed	Over 200	Q3 2025
Currencies Supported	More than 140	Late 2025
SFS Past-Due Tuition Collected	$360 million	Q3 2025

Strategic channel partnerships (e.g., Workday, TenPay Global)

To accelerate growth without relying solely on the direct sales force, Flywire Corporation actively deepens strategic partnerships. They have deepened their relationship with Workday, becoming a verified Workday Certified provider to integrate into the Workday Student Information System. Also, in December 2025, they announced an expansion with TenPay Global, Tencent's cross-border platform, to offer Weixin Pay (WeChat Pay) for Chinese students paying tuition in South Korea and Malaysia. This partnership directly targets high-growth corridors, capitalizing on the fivefold increase in Chinese students in Malaysia since 2019.

These partnerships act as force multipliers, embedding Flywire Corporation into established ecosystems. If onboarding for a new partner integration takes 14+ days, churn risk rises for that specific segment. Finance: draft 13-week cash view by Friday.

Flywire Corporation (FLYW) - Canvas Business Model: Customer Segments

You're looking at the core groups Flywire Corporation serves, the ones generating that complex payment volume. Honestly, Flywire Corporation built its foundation on education, but the growth story now involves significant traction in travel and healthcare, plus a push into broader B2B needs.

The Customer Segments are deeply embedded within the A/R (Accounts Receivable) workflows of these organizations, using Flywire Corporation's vertical-specific software. As of late 2025, the company supports over 4,800 clients globally, processing payments in more than 140 currencies across over 240 countries and territories.

Education Institutions (Universities, K-12, International Schools)

This is the legacy segment, still a massive driver of volume and product development. Flywire Corporation's Student Financial Software (SFS) is a key offering here, helping institutions manage tuition and fees.

• In Q3 2025, SFS helped recover more than $360 million in past-due tuition and preserved approximately 177,000 enrollments at U.S. institutions.
• The U.K. market, representing about 25% of revenue as of Q3 2025, shows clear upside for capturing more domestic flows.
• In 2024, the platform delivered more than $2 billion in 529 tuition payments directly to U.S. colleges and universities, benefiting over 750 U.S. institutions.

Healthcare Providers (Hospitals, Large Medical Groups)

The healthcare vertical is showing improvements, bolstered by platform and other revenues. Flywire Corporation focuses on complex, high-value medical payments.

• This vertical, alongside B2B and travel, accelerated growth in Q3 2025.
• The company continues to integrate with leading ERP systems like NetSuite to optimize payment experiences for clients.

Travel Companies (Hospitality, Tour Operators like Haman Group)

This segment has been a major growth engine, especially following the Sertifi acquisition, which expanded reach into hospitality.

• The travel vertical outperformed expectations in Q1 2025.
• Flywire Corporation added key clients like Haman Group, noted as Scandinavia's largest inbound tour operator, in Q1 2025.
• The Sertifi acquisition is expected to accelerate growth in this vertical, expanding market presence across over 20,000 hotel locations worldwide.
• Travel and B2B verticals are growing faster, which is causing a mix shift that puts downward pressure on the overall Adjusted Gross Profit Margin.

Key Business-to-Business (B2B) Industries with Complex Payment Needs

Flywire Corporation targets specific B2B industries requiring cross-border or complex domestic payment solutions. This is a key area for platform-related growth.

Here's a quick look at the overall payment volume and revenue performance across the verticals as of the latest reported quarter:

Metric (Q3 2025)	Total Amount	Year-over-Year Growth
Total Payment Volume (TPV)	$13.9 billion	26.4%
TPV Excluding Sertifi	$13.7 billion	24.0%
Revenue Less Ancillary Services (RLAS)	$194.1 million	28.2%
RLAS Excluding Sertifi	$181.2 million	19.7%

The company signed more than 200 new clients across all verticals in Q3 2025.

Flywire Corporation (FLYW) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Flywire Corporation's spending as of late 2025. Honestly, the cost structure reflects a high-growth, global tech company still investing heavily, but now with a new focus on efficiency following some headwinds.

Cost of Revenue: Payment processing fees and foreign exchange (FX) hedging costs

This is the direct cost of moving money for your clients. For the third quarter ended September 30, 2025, Flywire Corporation's GAAP Cost of Revenue was approximately $75.4 million, calculated by taking the reported total Revenue of $200.1 million and subtracting the Gross Profit of $124.7 million. This figure directly reflects the variable costs associated with transaction volume, which hit $13.9 billion in Total Payment Volume for Q3 2025.

Technology and Development, Sales and Marketing, and General and Administrative expenses

These operating expenses are where the platform scales and the client base grows. Here's a look at the latest reported quarterly figures from the third quarter of 2025, which gives you a solid view of the current run rate before the full impact of the early 2025 restructuring is reflected in later quarters.

Expense Category	Q3 2025 Reported Amount (USD)	Year-over-Year Change (Approximate)
Sales and Marketing	$135.92 million	+9.5% vs Q3 2024
General and Administrative	$127.30 million	+3.7% vs Q3 2024
Technology and Development	$66.81 million	+1.0% vs Q3 2024

Note that the table above uses figures from the operating expense breakdown provided for Q3 2025. The line item labeled 'Payment Processing Services' in that source's table, which was $186.40 million in Q3 2025, is excluded here as it is typically classified as Cost of Revenue, which we calculated separately above.

Personnel costs, optimized by a 10% workforce reduction in early 2025

Personnel is definitely the largest driver within the Sales and Marketing, G&A, and Technology buckets. Flywire Corporation made a significant move to address cost intensity in early 2025. The company cut about 10% of its global workforce, which equated to approximately 125 employees. This was a direct response to 'significant headwinds' that led to a fourth-quarter loss in 2024. The stated goal of this restructuring, alongside a comprehensive review of operations, was to increase efficiencies.

The AI-driven operating efficiency efforts are also helping here; the self-service rate rose to 41% year-over-year by Q3 2025, which is a 28% year-over-year increase, helping to decouple support costs from growth. That's a smart way to manage headcount costs going forward.

General and Administrative expenses for global operations

G&A costs, reported at $127.30 million for Q3 2025, cover the necessary overhead for a global footprint. This includes costs for compliance, finance, legal, and executive functions supporting operations across all four verticals: Education, Travel, Healthcare, and B2B. The company is focused on maintaining go-to-market productivity while lowering the operating expense intensity across S&M, G&A, and Tech. The Q3 2025 Adjusted EBITDA margin was 29.4%, up 155 basis points year-over-year, showing that expense discipline is starting to pay off.

Finance: review Q4 2025 OpEx against the Q3 run-rate by January 15, 2026.

Flywire Corporation (FLYW) - Canvas Business Model: Revenue Streams

You're looking at how Flywire Corporation (FLYW) actually brings in the money, which is a mix of transaction-based revenue and software subscriptions. The core of the business model relies on capturing value from the movement of money and the use of its specialized platforms.

For the third quarter ending September 30, 2025, Flywire Corporation (FLYW) reported total revenue of $200.1 million, marking a 27.6% increase year-over-year. This top-line performance beat internal guidance. A key metric for understanding the core payment business is Revenue Less Ancillary Services (RLAS), which was $194.1 million in Q3 2025, up 28.2% year-over-year. On an FX-neutral basis, RLAS growth for Q3 2025 was 26.3%.

The revenue streams break down into a few clear buckets:

• Payment processing fees (transaction fees) from payers and institutions are the largest component, embedded within the RLAS figure.
• Foreign exchange (FX) margin on cross-border transactions is a component of the payment revenue, though it can fluctuate; for instance, the company recorded a $0.6 million foreign exchange loss during Q3 2025.
• Software-as-a-Service (SaaS) fees for vertical-specific platforms, like those from the Sertifi acquisition, contribute directly to revenue. Sertifi alone added $12.9 million to Q3 2025 revenue, accounting for 8 points of the year-over-year growth.

The growth in non-transactional software revenue is a significant trend. For the second quarter of 2025, Platform and other revenues increased 84% year-over-year. This growth was driven by platform fees and improvements within the healthcare vertical. In that same Q2 2025 period, Sertifi contributed $12 million to revenue.

Here's a look at how the key revenue components stacked up across the mid-2025 reporting periods:

Metric	Q2 2025 Amount	Q3 2025 Amount
Total Revenue (GAAP)	$131.9 million	$200.1 million
Revenue Less Ancillary Services (RLAS)	$127.5 million	$194.1 million
Platform and Other Revenues YoY Growth	84% (Q2 2025 vs Q2 2024)	Not explicitly stated for Q3 2025
Sertifi Revenue Contribution	$12.0 million	$12.9 million
GAAP Gross Margin	57.0%	62.3%

You can see the shift in the gross margin, moving from 57.0% in Q2 2025 to 62.3% in Q3 2025, which suggests that the mix of revenue, or perhaps better operational leverage on the core payment processing, is improving as the year progresses. The company is clearly leaning into the higher-margin software components to supplement the transaction revenue base.